Pensions minister Baroness (Ros) Altmann has warned savers to be aware of scams.
The Conservative peer urged people who came across suspected scams to report them to Action Fraud or The Pensions Advisory Service.
She said: “The criminals behind this illegal activity often lay a sophisticated trap complete with glossy brochures and professional websites that make them look highly credible.
“Their aim is to catch you off your guard so they can steal your hard-earned savings. Scammers wreck people’s lives; it really is as plain and simple as that.”
A multi-agency taskforce has been established called Project Bloom which is made up of the department for work and pensions, the Serious Fraud Office, the FCA and the National Crime Agency.
Lesley Titcomb, chief executive of The Pensions Regulator, said: “The people behind pension scams are sophisticated and well-organised, and we are working hard with our partners to disrupt their activity, take legal action when necessary, and alert the public to the dangers posed by rogue schemes.”
Adviser view
Jamie Smith-Thompson, managing director of Portal Financial, said: “People need to be diligent in checking that firms are regulated. This year alone we have reported 11 companies to Google in the hope that their adverts are removed, and we have done this in the past as well.”
