People have been warned about pension fraudsters after new data revealed a total loss of £17.7 million in 2023, including more than £700,000 in the Thames Valley.

The national fraud and cybercrime reporting service, Action Fraud, is urging savers to remain vigilant as fraudsters are attempting to trick people out of their lifetime savings.

Across the UK, 559 reports of pension fraud were made last year, with an average loss of £46,959 per person.

Thames Valley Police recorded a total reported loss of £737,591 across 20 cases.

April had the highest number of reported losses, accounting for 15 per cent of the total reported in 2023, likely due to people checking their pensions at the start of the new financial year.

More than £17.7 million was stolen by pension fraudsters across the nation in 2023More than £17.7 million was stolen by pension fraudsters across the nation in 2023 (Image: Norasit Kaewsai)

Detective inspector Duncan Wynn of the Central Fraud Unit said: "Pension fraud can not only cause life-changing large financial losses, but it also serves to shatter lifelong dreams and goals with many having to alter their plans for later life.

"Fraudsters will present as experts with your best interests at heart, but their number one goal is always to leave you out of pocket.

"Always seek advice, being pressured or rushed is a sure sign something is not right.

"Do not be afraid to challenge, this is your money you have worked for, and you have every right to say no."

Action Fraud has launched a campaign to raise awareness about pension fraud, encouraging the public to research before making any changes to their pension arrangements.

Claire Webb, acting director of Action Fraud, said: "Criminals will go to great lengths to trick anyone out of their money, in this case, it’s someone’s life savings at risk

"Losing any sum of money saved for retirement can be devastating."

She advised savers to avoid pension opportunities that are offered unexpectedly, such as pension reviews or seemingly too-good-to-be-true investment opportunities, or offers to help release money from their pension.

Steve Smart, joint executive director of enforcement and market oversight at the Financial Conduct Authority, added: "It doesn’t matter the size of your pension pot, scammers will target anyone to destroy their retirement dreams so it’s vital that consumers know how to protect themselves.

“The best way to protect yourself is to know who you’re dealing with. Always check the FCA Register to make sure that anyone offering you pension advice, or any other financial service is authorised by the FCA to perform the service they are providing for you, and that the details they are providing are the same as those on the register."