Pension Scams Affect 7.3 Million UK Adults

Snapshot: The most recent LV= Wealth and Wellbeing Research Programme survey found that 7.3 million UK adults have been targeted by pension scammers in the last year, with 14% receiving unsolicited calls, texts, or emails urging them to move their pension funds. Nearly four million British adults also fell victim to purchase scams within the same timeframe. A significant gap in scam reporting knowledge was identified, with only 32% of adults aware of how to report suspected scams, though this figure rises to 55% among clients of financial advisers.

The survey highlights a growing complexity in managing multiple pension pots, making individuals more vulnerable to sophisticated scams.

Financial marketers have a clear opportunity to engage with clients by providing education on recognizing and reporting scams and improving overall financial security.

Key Quote: “Avoiding falling prey to scams is becoming ever harder, with more people having a number of pension pots, so keeping track is increasingly difficult for consumers,” David Hynam, CEO, LV=

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