People saving for their retirement are being warned to beware of cold calls, texts or website offers claiming to help them cash in their pot, as the total known amount paid into pension scams now stands at £495 million.

The Pensions Regulator released accounts of victims of scams, which often involve unsolicited "spam" text messages, transfers overseas and phrases like "legal loophole" or "government endorsement", in order to warn others about the devastating consequences.

The body, which is the regulator of work-based pension schemes in the UK, said the amount of money lost due to the problem was likely to be "substantially higher" than £495 million, as not all activity was reported.

One woman, whose 40-year-old son took his own life after never receiving a promised £17,000 lump sum following the transfer of his £42,000 work pension, said: "I don't want other mothers to suffer what I've been through, and what my family has been through.

"No matter how desperate things get, don't be tempted to cash in your pension.

"Don't do it - the people behind these scams are rogues who exploit people's vulnerabilities."

Another 49-year-old scam victim, who is potentially facing an £18,000 tax bill and risks losing her home after falling victim to a "pension loan" scam said: "These scams target vulnerable people.

"I feel very angry that I have been misled.

"Ignore the sales patter, ignore the glossy websites, ignore the cold calls and text messages.

"Go to an independent financial adviser - speak to an expert."

A new campaign to highlight the perils of pension scams is being led by the Department for Work and Pensions, the Pensions Regulator, the Pensions Advisory Service, the Money Advice Service, the Financial Conduct Authority, the Serious Fraud Office, HM Revenue and Customs, Action Fraud, the National Crime Agency and the City of London Police.

The Pensions Regulator has refreshed its "scorpion" campaign to reinforce the message to consumers not to be "stung" by offers claiming to be able to help them cash in their pension.

It warned there was a high risk that once people released their funds in this way, their money would be moved into dubious investment arrangements, often overseas and unregulated.

Home visits from "introducers", offers of "free pension reviews", claims about loopholes and unusual investments like overseas property, storage units or biofuels were all used to dupe members into thinking they were being offered a legitimate pension transfer.

Victims were often not properly warned that if they accessed their pension pot before the legal minimum age of 55, they faced high tax charges and those arranging the transaction would take a significant proportion as fees.

If someone takes money out of their occupational or personal pension plan early, this will normally be an unauthorised payment.

Unauthorised payments will be subject to tax charges, which can be up to 55% of the value of the payment for a scheme member and at least 15% of the value of the payment for the scheme administrator.

The Pensions Regulator's executive director responsible for the organisation's work to frustrate pension scams, Andrew Warwick-Thompson said: " We have seen victims lose their entire pension savings by signing up to these offers.

"If you are approached by someone claiming to be offering advice or that they can help you move a frozen pension, don't get suckered.

"You could be left with nothing for retirement, you will not be compensated, and you may have to pay fees and a high tax charge."

From April next year, Government reforms will radically free up the way that people can take their pension.

Earlier this week, the Government set out how free, impartial guidance would be set out alongside this change, which was likely to lead to fewer people using their savings to buy lifetime incomes called annuities.

Around 300,000 people a year with defined contribution pension savings will be able to access them as they wish when they turn 55, subject to their marginal rate of tax.

The guidance around this change will be delivered by a range of independent organisations, including the Pensions Advisory Service and the Money Advice Service.

Pensions minister Steve Webb warned: "Although quick-fix pension release schemes may seem tempting, particularly when times are tough, people should make sure they understand all the implications before they sign on the dotted line.

"A joint industry and Government operation is working to stamp out these unethical, exploitative, poor value offers - but I would urge anyone who is approached to think carefully, consider seeking advice and, if in doubt, steer clear."

If someone believes they have been the victim of a pensions scam they can report it to Action Fraud on 0300 123 2040 or visit www.actionfraud.police.uk.