Pensions - Articles - FCA show that over 30m has been lost to pension scams


Gary Crockford, Head of Knowledge Resource Centre at Buck UK comments on the FCA’s statistics showing that over £30 million has been lost to pension scams since 2017

 “Sadly, the FCA’s latest figures on pension scam activity are unsurprising. Despite considerable efforts across the industry over the past few years, there seems to be an almost ingrained ‘it couldn’t happen to me’ attitude amongst many pension scheme members. There is a huge lack of engagement among people when it comes to their pension savings. This is highlighted by the FCA’s findings showing that 76% of savers approaching retirement know the cost of items related to their football team, but only 43% understand the value of their pension pot.
 
 “This is a scary statistic, especially as it focuses on the demographic that should be most engaged with their pension savings – if people in their 50s don’t know the value of their pension pots, then how can they plan for their retirement, or have confidence that they will have the necessary funds to retire? Members who lose their pension savings to scammers at this late stage can least afford to do so and have virtually no time to rebuild those savings.

 “Unfortunately, these latest statistics are nothing new and the vital message about being protected against scams still doesn’t seem to be getting through. If something seems too good to be true, then it probably is.”
  

Back to Index


Similar News to this Story

Mansion House reforms to kick start pensions adequacy review
The Financial Times reported overnight that the Chancellor will use her Mansion House speech to kickstart the pensions adequacy review via a commissio
DB funding improves H1 2025 but clouds loom on the horizon
Fully-hedged scheme sees funding position increase by 1.0 percentage point to 70.3% at the end of June. 50% hedged scheme sees smaller gain of 0.4 per
Member experience key factor in insurer selection
Poll results from a recent LCP webinar on the pension risk transfer (PRT) market show that member experience is rising up the agenda for schemes when

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.