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What’s pension fraud? How one can keep away from scams as you strategy retirement

7 min read

After years of saving for retirement, the very last thing you need is to lose your cash to pension fraud. But scammers duped savers out £2.2 million within the first 5 months of 2021, with scams turning into extra refined and more durable to identify through the pandemic.

The typical loss was £50,949, based on complaints filed with Motion Fraud (opens in new tab), which is greater than double the 2020 determine (£23,689). Pension scams have sadly grow to be more and more widespread, with fraudsters looking for out each alternative to rob savers of their pension financial savings.

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