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Suffolk residents lost nearly £688,000 to pension scams last year, and police are urging vigilance against fraudsters targeting retirement savings.
The big picture: Action Fraud reports £17.7 million was lost to pension fraud nationally in 2023, with 559 cases reported. Suffolk accounted for eight of those reports.
Why it matters: Losing retirement savings can be devastating for victims. Police are encouraging residents to thoroughly research pension arrangements before making any changes.
By the numbers:
£687,990 total losses reported in Suffolk
£85,6988 lost per victim in Suffolk compared to £46,959 lost per victim nationally
April saw the highest number of reported losses, accounting for 15% of 2023's total
What they're saying: Claire Webb, Acting Director of Action Fraud said, "Criminals will go to great lengths to trick anyone out of their money, in this case, it's someone's lifesavings at risk."
How to protect yourself:
Hang up on unsolicited calls about your pension - cold calling is illegal
Seek advice from an FCA-authorised adviser before making changes
Be wary of pressure to invest quickly or promises of unrealistic returns
Check the FCA Register to verify financial service providers
What's next: If you suspect a scam, report it to the Financial Conduct Authority on 0800 111 6768 or via their website.
The bottom line: Pension fraud often disguises itself as free reviews or too-good-to-be-true investment opportunities. Stay vigilant and seek independent advice to protect your retirement savings.
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