Individual losses range from under ￡1,000 to as much as ￡500,000. Just two percent of savers would take a free pension review from a stranger in a pub but 10 percent would accept one online, says the Financial Conduct Authority. It is urging savers to “flip the context” and imagine how they would react if online offers had instead been made face to face.

       The authority’s Mark Steward said: “Make sure you only get advice from a firm authorised by the FCA to provide advice.”

       The average so far this year has been ￡50,949, according to Action Fraud, compared with ￡23,689 across 2020, although many scams go unreported.

       Former sales executive Sue Flood, of Brentwood, Essex, lost ￡125,000. She said: “It is difficult to describe the sheer torture the last few years has been. It has had a terrible impact on my family, health and mental wellbeing. The sheer terror and night sweats are too overwhelming to describe.”

       Former postman Dennis Waite, 53, of Braintree, Essex, lost ￡108,000. He said he felt like throwing himself under a bus.

       1. Being offered a free pension review out of the blue.

       2. Offers of guaranteed higher returns - claims they can get better returns on your pension.

       3. Being offered to help to release cash from your pension even though you are under 55.

       4. High-pressure sales tactics - scammers may try to pressure you with 'time-limited offers' or send a courier to you door to wait while you sign documents.

       5. Unusual investments which tend to be unregulated and high-risk.