Company pension scheme administrators, XPS Administration last month reported some 50 out of 99 pension savers could have been tricked into transferring their defined benefit pensions by suspicious schemes. In other words, pension cowboys.
The firm raised warnings that 50 of the requests could have transferred £10.9 million.
August saw fewer transfers, but 18 out of 31 savers looking to transfer were alerted by XPS as potential scam threats.
Scam warnings when triggered by XPS Administration are passed on to trustees of the defined benefit schemes for further investigation.
People are more vulnerable to scams, being promising savers quick access to their cash can look inviting as some of them are facing financial difficulties and losing their jobs.
Fraud threats of a potential £93 million has been revealed over the year to June.
Always check that your financial adviser and any pension transfer firm is authorised and regulated in the UK by the Financial Conduct Authority. If advisers are 'pushy' or if their website does not publish FCA credentials then be warned. You can verify that a firm and an individual are authorised on the FCA register.