The Pensions Regulator has urged the pensions industry to take immediate action to protect people’s retirement savings after a rise in reports of impersonation fraud.
TPR, along with the City of London Police, has issued a new scam alert to more than 35,000 pension industry professionals, warning that fraudsters are posing as pension savers to gain access to their retirement pots.
The pensions’ body said criminals obtain 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 retirement savings.
All members of UK pension schemes are warned 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 identified a sharp rise in reports of impersonation fraud affecting UK members residing in Africa in 2025, following a year on year rise since 2016.
Around £500,000 was reported lost and a further £2.5 million was at risk between 2021 and 2025.
In the alert issued by the TPR, it called on trustees and administrators to review their identity and verification check procedures to ensure they remain robust; review security data for letters and documents that are posted to overseas addresses; encourage members to strengthen online security; and alert Report Fraud to any suspected fraud immediately.
Gaucho Rasmussen, executive director, enforcement and legal group at The Pensions Regulator, said: “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.
Rasmussen added: “This latest scam warning demonstrates just how valuable intelligence from industry is in protecting savers. Every report counts, allowing us to identify threats and take joint action with our Pension Scams Action Group partners to prevent harm to savers.”
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