Pension savers are almost three times as likely to be targeted by pension liberation fraudsters since the Budget, new research has revealed.

According to findings by Phoenix Group, almost 50 per cent of people have been approached via unsolicited calls, text messages or e-mails to see if they want to review their pension or release some of it as cash.

Of those who were approached by scammers, one in ten considered contacting them and one in six went ahead and contacted the fraudsters as a result. This figure increases for younger victims with 19 per cent of 18-34 year olds and 35-54 year olds contacting fraudsters themselves.

Furthermore, 12 per cent of 18-34 year olds have already released some or all of their pension as cash as a result of being contacted, highlighting the vulnerability of this particular demographic to scams.

Phoenix Group said the research shows “more needs to be done to raise awareness around the issue of pension fraud”, so consumers are more aware of the options available to them.

The firm’s intelligence and investigations manager Parminder Dhothar said the increase in “aggressive targeting” by pension fraudsters over the past nine months is “very concerning” and fees can be as high as 30 per cent if people unlock their pension in exchange for cash before they reach age 55.

Research also found that of those who do not want to release money from their pension pot, 38 per cent have indicated they will go to free pension review companies online. A further 46 per cent said they will only seek advice from family and friends and just 29 per cent will consult an IFA.

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