Avon and Somerset Police are urging Wells residents to stay alert following 11 reports of pension fraud in 2023, with victims across the region losing nearly £70,000. Nationally, pension fraud led to losses of £17.7 million, with an average of £46,959 lost per victim.

Local police are supporting a campaign from Action Fraud, the national fraud and cybercrime reporting service, to help protect savers in Wells from scams targeting their pensions and investments. Fraud Protect Officer Claire Bounds said: "Criminals will go to great lengths to trick anyone out of their money, including their life savings. Pension fraud can be disguised as free pension reviews, too-good-to-be-true investment deals, or offers to release money from your pension before age 55."

Wells residents are encouraged to thoroughly research any offers, avoid being rushed into financial decisions, and seek independent advice before making any changes to their pension arrangements.

Fraudsters often approach people with unsolicited offers, so locals are advised to be cautious of unexpected calls, emails, or texts related to pensions. Police have noted that fraud tends to peak in April when people are reviewing their financial situation for the new tax year.

To protect yourself, Avon and Somerset Police recommend:

• Hanging up on unexpected pension-related calls – cold calling about pensions is illegal and likely a scam.
• Seeking advice from a financial professional authorised by the Financial Conduct Authority (FCA) before making any changes.
• Being wary of investment opportunities that involve pressure to invest quickly, downplay risks, or promise high returns that seem unrealistic.

For more information on safeguarding your pension, visit MoneyHelper.

If you suspect you've been targeted or made a payment to a fraudster, report it immediately to the FCA on 0800 111 6768 or visit fca.org.uk/contact. Additional advice on pension scams can also be found at Action Fraud.