Beware the crooks who want to get their hands on your pension pot

One in eight employees aged 50 or over has been the target of fraudsters promising to release their pension savings.

Workers in their 50s are being warned that they are the primary target for scamsters who are using dramatic changes in the pensions system to try to part them from their retirement pot.

Changes from April 2015 mean that retirees can, for the first time, use the money as they wish instead of having to buy an annuity. The first 25% of this will be tax-free. They will be able to use the money to pay down debts, for example, invest outside the pension, or simply enjoy life – even blowing the lot on a sports car, according to the pensions minister.

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