Avon and Somerset Police are warning Shepton Mallet residents to stay alert after receiving 11 reports of pension fraud in 2023, with victims across the region losing nearly £70,000. Nationally, pension fraud resulted in £17.7 million in losses, with an average victim losing around £46,959.

Police are backing a campaign from Action Fraud, the national fraud and cybercrime reporting service, to help protect local savers 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 presented in various ways, including free pension reviews, too-good-to-be-true investment opportunities, pension transfer deals, or offers to release money from your pension before age 55."

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

Fraudsters often target people with unsolicited offers, so Shepton Mallet residents are advised to be particularly wary of unexpected calls, emails, or texts related to their pensions. Pension fraud tends to peak in April when people are reviewing their finances for the new tax year, making it crucial to keep a close eye on savings and investments.

To protect yourself, Avon and Somerset Police recommend:

• Hanging up on unexpected calls about your pension – cold calling about pensions is illegal and likely a scam.
• Seeking advice from a professional, authorised by the Financial Conduct Authority (FCA), before making any pension changes.
• Avoiding investment opportunities that involve pressure to invest quickly, downplaying risks, or promises of high returns that seem too good to be true.

For more information on protecting your pension, visit: MoneyHelper.

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