Between August and October 2018, over 173,000 people visited the Financial Conduct Authority’s (FCA) ScamSmart site – an average of 3,145 people each day, or one person every 27 seconds. This figure has increased five-fold (462%) from before the launch of the joint campaign by the FCA and The Pension Regulator (TPR), where an average of 562 people visited the website on a daily basis.
Ten per cent of people planning to retire this year expect to cash in their entire pension savings as a single lump sum, according to a recent study from Prudential, risking their future retirement income.
Millennials appear to be prioritising following the homeownership dream, potentially risking a lower income during retirement in exchange, according to recent research from Prudential.
An estimated £20bn worth of lost and forgotten pension pots currently wait to be reunited with their owners, with many worth thousands of pounds according to recent research from Pensions Policy Institute (PPI).