Almost a quarter targeted by pension scammers

He revealed that almost a quarter of the group's clients have been approached since the government unveiled its reforms, with many being told that they can benefit from ‘unrivalled returns’ by transferring their funds.

Green has warned that pension scammers will continue to increase their criminal activities in the run up to the reforms.

He added:

“Perhaps unsurprisingly, these companies are primarily focusing on those aged 55 and over as these individuals are the ones who will soon, legitimately, have access to their funds if they wish.

“I suspect that as the new freedoms and flexibilities come into effect in April, the pension scam artists will increase their activities yet further as they will see it as ‘boom time’. No longer will they need to convince both the provider and the pension holder into shifting funds into fraudulent or non-existent schemes, just the pension holder, who could end-up potentially losing their entire retirement fund.

“Anyone who does access their pension pot early could reasonably expect to be a target for pension liberation scammers. I would urge anyone who is contacted to 'liberate' their pension to be extra cautious, not to be rushed into making a decision they might regret, and to seek professional independent financial advice before proceeding."