Around 27 per cent of Brits, equal to 14 million people, are worried that they may fall victim to a pension scam due to their increasing sophistication, with 47 per cent of savers, around 25 million people, stating that pension scams are hard to spot, according to a survey from LV=.

The LV= Wealth and Wellbeing Monitor also found that 14 per cent of UK adults, around 7.6 million people, have been contacted by someone other than their pension provider encouraging them to transfer or release money from their pension.

Furthermore, 8 per cent, around 4.4 million people, said that they know someone who has fallen victim to a pension scam, although less than a third (32 per cent) of savers knew how to report a scam.

These concerns were even more prominent amongst those with mass affluence, as 31 per cent of those with assets of between £100,000 and £500,000 excluding property were concerned about pension scams, and 24 per cent have been targeted…

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