One in seven (14 per cent) UK adults have experienced an attempted pension scam in the past 12 months, research from LV= has found.

The research also revealed that 14 per cent of people were encouraged via unsolicited calls, texts and emails to transfer or release money from their pension in the past 12 months, while almost four million adults lost money to a purchase scam over the same period.

In addition, over half (51 per cent) of UK adults claimed that pension scams were hard to spot, while less than a third (32 per cent) said they knew how to report them.

However, among those who have seen a financial adviser, the proportion of people who know how to take action on scams was far higher (55 per cent).

In particular, 42 per cent said they had received phishing scams, while 36 per cent said they had experienced a trusted organisation scam, where someone impersonates a trusted brand or service provider.

Meanwhile, 24 per cent said they have experienced a refund scam where contact was made from an impersonator about a supposed refund.

The research also revealed that those aged between 18 and 34 were more likely (13 per cent) to fall victim to scams compared to the general public (7 per cent).

LV= said that these figures were self-reported and rely on individuals recognising that they are the subject of a scam, meaning the actual figures could be far higher.

Commenting on the research, LV= chief executive, David Hynam, said: “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.”

Hynam also shared tips on how advisers could help clients minimise the risk of falling victim to a scam, including hanging up on cold calls, being wary of unsolicited approaches and calling the firm back on an official number.

This article was originally published on our sister website, Pensions Age.

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