This comes after pension scam losses exceeded £2.2million in the first halfof 2021, between January and May.

The average loss to pension scams so far this year was £50,949. This is more than double last year’s average of £23,689 according to Action Fraud.

The Pension ombudsman, Anthony Arter, said he “welcomes” the new campaign to tackle online pension scams and that “the total amount [of losses to scams] may be much higher”.

“It can take time before people realise they have been scammed and approach us for assistance.”

The new scheme, launched by the Financial Conduct Authority (FCA), is urging those planning their pensions to “flip the context” when researching pension offers.

They can do this, they say, by imagining how they would view the same offer viewed online if they received it in an everyday setting like a shop or pub.

Mark Steward, Executive Director of Enforcement and Market Oversight, FCA, said: “Imagine a stranger in a pub…

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