The dark reality of pension scams is that we don’t really know how common they are. Fraud is a crime which tends to have low reporting events and with pension scams, it’s no different. The emotional toll can be as large as the financial, with some people being too embarrassed to report that they have been the victim of a scam.

Barnett Waddingham, the provider of actuarial and consultancy services, has launched a pensions education service for employers looking to inform their senior-level staff on the various changes surrounding pension benefits.