The Pensions Regulator has called on the pensions industry to take immediate action to protect millions of people’s retirement savings after a rise in reports of impersonation fraud.
A new scam alert issued today to more than 35,000 pension industry professionals by TPR, in collaboration with City of London Police (CoLP), warns that fraudsters are posing as pension savers to gain access to their retirement pots.
The criminals get hold of savers’ personal information and use it to breach security checks and access their accounts. They then change the bank details or set up a fake account in the saver’s name to divert funds and steal hard-earned retirement savings.
Trustees must safeguard all members – no one is immune
All members of UK pension schemes are urged to be vigilant, but those now living in Africa are at a heightened risk of being targeted, an analysis of reports to Report Fraud has found.
The analysis – carried out by a TPR intelligence expert embedded in CoLP - identified a sharp rise in reports of impersonation fraud affecting UK members residing in Africa in 2025. This follows a year-on-year rise since 2016.
Around £500,000 was reported lost and around a further £2.5 million were at risk between 2021 and 2025.
But TPR warns similar risks apply across other jurisdictions and has renewed its earlier warning about impersonation fraud.
In the alert issued today, TPR, together with CoLP, urges trustees and administrators to:
Review their identity and verification check procedures to ensure they remain robust.
Review data security for letters and documents that are posted to overseas addresses.
Encourage members to strengthen online security by adopting two-step verification and using stronger passwords.
Tell Report Fraud about any suspected fraud immediately. You don't have to be certain to report.
Every report counts
Gaucho Rasmussen, TPR’s Executive Director, Enforcement and Legal Group, says: “Fraudsters will stop at nothing to get their hands on savers’ pension pots. And no one is immune. We are urging the pensions industry to act immediately to protect savers by strengthening their defences and ensuring their members do the same.
“As a pensions professional, you are the first line of defence against scammers and it’s vital you also report any suspicions to the new Report Fraud service.”
The intelligence behind the latest industry alert came largely from the pension industry, with 90% of the reports made by trustees and administrators.
“This latest scam warning demonstrates just how valuable intelligence from industry is in protecting savers,” Gaucho added. Every report counts, allowing us to identify threats and take joint action with our Pension Scams Action Group partners to prevent harm to savers. Together, we can stop criminals in their tracks.”
Report Fraud, the new national reporting service for cyber crime and fraud, replaced Action Fraud in December.
Chris Bell, Service Delivery Director at the City of London Police, said: “It’s important we collaborate with our partners to ensure every measure is taken by both industry and savers to protect pension pots – criminals will go to great lengths to impersonate and try to steal lifetime savings. That’s why Report Fraud, which is run by the City of London Police, supports this alert to urge everyone to protect their pension accounts and stay vigilant to fraudsters attempting to gain unauthorised access.
"Anyone who suspects fraudulent activity should tell Report Fraud. Every report counts - this new service is designed to enhance intelligence sharing across industry and the public and contributes to warnings like this. This alert demonstrates impact of ongoing partner collaborations, especially between public and private sectors, enabling us all to tackle fraud where possible and protect pension customers and their life savings.”
Close analysis of reports to Report Fraud continues
TPR launched a new digital campaign on 23 February, encouraging the pensions industry to report suspicious activity to Report Fraud.
All reports relating to pension fraud continue to be closely analysed by our TPR intelligence analyst embedded in CoLP. This collaboration is part of a wider partnership to accelerate the disruption and prevention of pension fraud, as well as to improve the reporting journey.
Pension professionals can find out more about Report Fraud, the Government’s new Fraud Strategy and the latest in the fight against pension fraud in our free live PSAG webinar on 18 March 2026.Lord Hanson, the Fraud Minister, will be amongst those taking part.
|
