The Pensions Regulator has repeated its warning about scams after a report showed more than £5m has been lost to fraud since February.

According to research carried out by Action Fraud the number of fraud cases total more than 2,100 in the past five months, with losses to fraudulent activity amounting to £5,142,265.

Pension scams were amongst the most common type of fraud with fraudsters tricking victims into transferring their pension pots to criminals or releasing funds.

Commenting on the report, Charles Counsell, chief executive of the Pensions Regulator, said: “These figures once again show the true devastation of scams. We know, on average, victims of pension scams lose £82,000.” “Anyone can be a victim and Covid-19 has created the sort of environment fraudsters thrive in.

“That’s why it’s vital savers don’t rush decisions about their retirement funds.” He reiterated the regulator’s warning against hasty and uninformed decisions about their pensions, and stressed that professional, independent advice should be sought before any such decision be made. Mr Counsell added: “To avoid making a decision they may regret, savers can access free and impartial advice about their finances from the Money and Pensions Service.

Read more @FT Adviser