Pension liberation fraud cases on the rise

Pensions-savings-retirement-piggy bank

There were 758 cases of pension liberation fraud recorded last year, up by 5 per cent on the previous 12 months, according to official data.

Figures compiled by Action Fraud and published by the Office for National Statistics show the number of cases is up from 719 in 2013.

The total number of pension fraud cases was 863 last year, up by 10 per cent from 785 in 2013.

The statistics also show there were 5,979 cases of investment fraud in 2014, up by 47 per cent on the previous year, when there were 4,074 cases recorded.

The number of pyramid or Ponzi scheme cases almost doubled, from 334 in 2013 to 633 last year.

In March a cross industry code of best practice was launched to help providers, administrators and pension fund trustees in the fight against pension scams.