Pension fraudsters target 10 per cent of over-55s

Scammers are feared to have targeted nearly one in 10 over-55s since the launch of pension freedoms three years ago.

A survey found victims had been approached about their pension funds by people they now believe to be fraudsters since the rules came into effect in April 2015.

Nearly half (47per cent) of 1,000 over-55s surveyed by Prudential said the approaches involved offers to unlock pension funds or access money early, and 44per cent said they involved transferring pensions.

Less than a fifth (18per cent) of those approached by suspected scammers had reported their fears to authorities.