Payment rates for the state pension go up in April
Pensioners have been urged to make a change to their online account settings(Image: Getty)
State pensioners have been urged to check the setting on their accounts as they could potentially lose more than £33,000. Action Fraud has warned older Britons that criminals are trying to trick people into handing over their retirement funds. Scammers target both those building their savings for retirement or those receiving their pension benefits, with the average victim losing £33,848 to this type of fraud
The organisation discovered that approximately £48,129 per day is lost on average to these cons, with over £17.5million in savings pilfered by criminals in 2024. Action Fraud has partnered with the Pension Scams Action Group to run a pension fraud awareness drive, encouraging people to take measures to safeguard their pension scheme accounts.
Pensioners should also be vigilant of fraudulent investment opportunities, which scammers frequently use as a way to deceive people into handing over many thousands of pounds.
Action Fraud has been sending out an email with some practical advice to keep your money safe. The first tip is a simple way to secure your online pension account, by maing sure you have a distinctive password.
Action Fraud said: “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.”
Another suggestion is to always ignore unsolicited telephone calls about your pension. This is a clear warning sign that the caller may be a scammer, as it’s against the law to make cold calls about pensions. The team at Action Fraud advised: “If you’re thinking about changing your pension arrangements, you should get financial guidance or advice beforehand.”
Pensioners are also urged not to be hurried into signing up for an investment. A legitimate provider will never try to pressure you into parting with your money immediately. Should you have concerns about a potential pension scam or you think you’ve been contacted by a fraudster, you can report this to Action Fraud by dialling 0300 123 2040.
If you’ve made a payment to a scammer, notify your bank or pension provider straight away, so they can help you preventing any further losses. Action Fraud also recommends people to regularly check their bank and pension statements for any suspicious activity.
How do I calculate how much I should be getting in state pension payments?
Those receiving the state pension may want to check they are getting their usual payments. You can calculate how much state pension you should receive using the state pension forecast tool on the Government website.
The full new state pension currently stands at £230.25 a week, following a 4.1 percent increase to payments in April in accordance with the triple lock metric. Payments are made in four-weekly arrears.
If you have any queries regarding your state pension, you can contact the Pension Service on 0800 731 0469. The line is open from Monday to Friday, 8am to 6pm.