Cash point

Pension savers are being warned to hang up on cold calls about their pots.

The Financial Ombudsman Service says pension freedoms – allowing people to take their savings as lump sums – have opened the floodgates for phone line fraudsters.

The FOS received 14,912 complaints about this and it upheld a third.

Regulated financial advisers and reputable firms don’t contact people out of the blue, urging them to put pension savings into investments, often demanding quick decisions.

Be wary of offers of a free pension review, a too-good-to-miss investment opportunity or offers to access your money before age 55.

If the advice you receive, or the investment, is not regulated then you’ve lost your money.

You can check if an adviser is regulated through the Financial Conduct Authority’s register at register.fca.org.uk.

Caroline Wayman, chief of the Financial Ombudsman Service, said: “Retirement involves some of the most difficult choices people will ever make.

“It’s important to be on your guard against scams and dubious promises – and not be rushed into making decisions you’ll regret.”