SAVING POTS PLUNDERED Cold-caller crooks steal £46m from pensions

Thousands fall victim to cruel con

CROOKS have stolen £46.7million from pension pots in the last four years, mostly via cold-call scams.

Some 3000 savers have fallen victim to bogus investment offers since pension reforms were announced.

And campaigners last night called for an immediate pensions cold-calling ban. Experts fear the 3000 retirement pots plundered since 2014 could be just the tip of the iceberg.

Cold calling is the most common method of pension fraud, yet it is almost two years since the Treasury announced a ban to protect savers. Due in June, it is now not expected to come into force until the autumn. Former pensions minister Baroness Altmann said: “The sooner cold calling for pensions is outlawed, the sooner people will be better protected.”

Action Fraud figures show crooks stole £23million from 253 savers last year, averaging £91,000 per victim. In 2016, the average was £26,683. It is feared more cases go unreported.

Con artists typically offer free pensions reviews to glean personal details. Money Advice Service research shows there are about eight scam calls every second, or 250million a year.

The Financial Conduct Authority and Pensions Regulator found one in eight pension holders aged 45 to 65 would trust a free review. The FCA said: “We urge anyone thinking about transferring their pension to check who they are dealing with and only use firms authorised by the FCA.”