State pensioners in the UK have been urged to review the security settings on their accounts amid warnings that they could lose more than £33,000 (≈₹34.7 lakh). Action Fraud, the UK’s national fraud and cybercrime reporting centre, has raised the alarm after discovering that criminals are increasingly targeting older Britons to swindle them out of their retirement savings.
Rising Losses from Pension Scams
According to Action Fraud, the average victim of pension fraud loses around £33,848 (≈₹35.6 lakh). In 2024 alone, over £17.5 million (≈₹184 crore) in retirement savings was stolen, which works out to about £48,129 (≈₹50.5 lakh) being lost every single day. To combat this, Action Fraud has teamed up with the Pension Scams Action Group to launch a nationwide awareness campaign encouraging pensioners to safeguard their accounts.
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Tricks Used by Scammers
Fraudsters often lure victims by offering fake investment opportunities or pretending to provide legitimate financial advice. Many victims are deceived into parting with thousands of pounds, either while building their savings or while accessing their pension benefits.
Action Fraud has issued some practical tips to help safeguard pension funds. “The account you use to manage your pension should have a different password to all of your other accounts. Use three random words to create a strong and memorable password, and enable two-step verification,” it advised in its awareness email.
The agency also warned against unsolicited calls. “If you receive a cold call about your pension, it’s almost certainly a scam. If you’re thinking about changing your pension arrangements, you should get financial guidance or advice beforehand.”
Staying Safe and Reporting Scams
Pensioners are urged not to rush into signing up for any investment scheme. A legitimate provider will never pressure you into parting with money immediately. If you suspect a scam, you can report it to Action Fraud at 0300 123 2040.
Those who have already transferred money are advised to notify their bank or pension provider straight away to limit losses. Checking pension and bank statements regularly for suspicious activity is also recommended.
Meanwhile, pensioners are encouraged to ensure they are receiving their correct state pension payments. The current new state pension stands at £230.25 (≈₹24,000) per week, following a 4.1 percent increase in April under the government’s triple lock rule. Payments are issued in arrears every four weeks.
Anyone with questions about their pension can contact the Pension Service on 0800 731 0469, available Monday to Friday, between 8 am and 6 pm.