Pension fraud victim is scammed out of £45,000

Stay vigilant and protect yourself from pension scams

Pauline Padden, 60, a children's critical care nurse from Merseyside, lost her entire £45,000 pension savings to fraudsters.

Pauline was one of 245 victims scammed out of a total of more than £13.5m in pension savings after they were persuaded to transfer into fraudulent schemes.

“I'm never going to get that back again," Pauline said. "I'd never get £45,000 together. I'm not going to be alive long enough to do that."

She warned: "It is a very real crime. There are victims and we do pay the price".

Pauline was looking after her terminally ill mother when she received a text out of the blue asking if she had any "unused pensions or frozen pensions" that could be released into a better investment. She was told she would receive a gift for doing so.

Pauline thought it was a good opportunity to release money from her pension, allowing her to take time off work so she could spend more time with her mother.  

Pauline spoke to a man and didn't see any red flags at that time as they weren't asking for upfront fees. She also received a professional looking pack about the investment and how it would provide a good return.

There was no reason for her not to believe what she was being offered was genuine, but Pauline ended up being conned out of her entire pension savings. 

Scammers’ tactics are becoming increasingly sophisticated and convincing - they will give the false impression of being professional and reputable to dupe their victims into parting with their hard earned savings. 

In 2023 alone, £17 million was lost to pension fraud and scam-related complaints are currently reported by the Financial Ombudsman Service to be at their highest level since 2018.

Watch Pauline's story on YouTube  and her warning for all pension savers to be scam aware.

How to protect yourself

• Stop and think: reject unexpected offers and avoid hasty decisions.
• If you get an unexpected call, text or email about your pension, it is safest to ignore it.
• Always check who you are dealing with on the Financial Conduct Authority’s register of authorised firms and advisers.
• For more information on the common warning signs of scams and how to protect you, your family and friends, visit the StopThinkFraud website.
• For free, impartial guidance about your pension, contact MoneyHelper.

What to do if you think you've been scammed

If you think you have fallen victim to a pension scam, you can report it by contacting Action Fraud on 0300 123 2040 or via their website www.actionfraud.police.uk