By Paul Sweeney the Pension Scams Action Group Intelligence Business Lead, TPR
As we launch our new Pledge campaign, Paul Sweeney reviews the significant progress industry has made so far, what still needs to be done and the way ahead. Pension fraud can be devastating. In one hit, a lifetime of savings can be wiped out. And as our latest analysis indicates, fraudsters often target victims at a time of life when they may have little or no chance to recover their finances.
Ensuring savers get the message their pensions could be at risk – and what they can do to stay safe – is critical. That’s why we and our Pension Scams Action Group (PSAG) partner, the Money and Pensions Service (MaPS), are taking part in BBC Scam Safe this week (24-30 November).
The BBC’s nine-stop nationwide TV roadshow and week of programming aims to inform the public about fraud and how to protect themselves.
Taking part in the roadshow helps us and MaPS to reach savers directly, and alongside our broader ongoing media and campaign activity, helps keep pension fraud on the public and media radar. But industry has a critical role to play in warning and protecting savers. Trustees and administrators are the first line of defence and best positioned to reach their members.
Analysis identifies those most at risk
Reporting suspicions to Action Fraud is a key principle of the Pledge – providing the vital intelligence we and our PSAG partners need to identify and disrupt emerging threats. Through our ongoing close analysis of reports to Action Fraud as part of our wider partnership with City of London Police to tackle fraud, we have now enhanced our profile of those savers most at risk.
The analysis, has revealed that pension savers over 55 are at a higher risk of being scammed. Fraudsters are ruthless and nobody is immune. They will target anyone, which is why industry must strengthen their security and urge their members to be vigilant.
By uniting in our commitment to adopt good anti-scam practices, we can drive progress to better protect savers. The Pledge – five years of progress That’s why we have updated the Pledge to Combat Pension Scams and launched a new campaign, calling on those who have not engaged with the Pledge to do so now. We are also urging those who have signed up to go one step further and self-certify they are turning their commitment into action. Launched with a clear mission to unite the pensions industry against fraud, the Pledge has made great strides towards its goal in the last five years. It’s based on simple principles drawn from the Pension Scams Industry Group’s Code of Best Practice.
Over 650 schemes and organisations have now joined us by pledging and/or self-certifying, helping to better protect 31.5 million memberships. Adoption of the Pledge has even spread beyond our remit, bringing the total memberships protected to 43 million – around 44% of pension savers. That’s real progress. But there’s more to do. We need the pensions industry to be 100% united in the fight against fraud.
Evolving to meet new challenges
The Pledge has not stood still. It continues to evolve in response to your feedback. We’ve clarified the wording of the self-certification stage and simplified the reporting process by making Action Fraud the single avenue. We’ve also worked with partners to improve the reporting journey, including our secondment of a TPR intelligence expert to CoLP to analyse reports to Action Fraud – a partnership continuing into 2026.
Next year, we will work with industry to further improve the Pledge. There will also be a webinar in the spring which will help educate industry on scams and further promote the Pledge.
Join us. Make the pledge today.
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