Avon and Somerset Police are urging residents of Glastonbury and Street to stay vigilant after 11 reports of pension fraud were recorded in 2023, with victims across the region losing nearly £70,000. Nationally, the total lost to pension fraud reached £17.7 million, with an average loss of £46,959 per victim.

Local police are supporting a national campaign from Action Fraud, the fraud and cybercrime reporting service, to help protect people in Glastonbury and Street from scams that target pensions and investments.

Fraud Protect Officer Claire Bounds explained: "Criminals will go to great lengths to trick anyone out of their money, including their life savings. Pension fraud may be presented as free pension reviews, attractive investment deals, or offers to release pension funds before age 55."

Residents in Glastonbury and Street are advised to research any pension offers carefully, avoid being rushed into financial decisions, and seek advice from an independent professional before making any changes to their pension arrangements.

Fraudsters often use unsolicited approaches, so locals should be particularly wary of unexpected calls, emails, or texts regarding their pensions. Reports show that pension fraud is most common in April when people typically review their finances for the new tax year.

To help 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 financial professional authorised by the Financial Conduct Authority (FCA) before making any pension changes.
• Being cautious of investment offers that involve pressure to invest quickly, downplay risks, or promise high returns that seem unrealistic.

For more information on protecting your pension, visit MoneyHelper.

If you believe you've been targeted or 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 information on pension fraud at Action Fraud.