Pension trustees have been urged to take action to beat pension fraud, as analysis of Action Fraud reports has shown that savers over 55 are most at risk.
The Pensions Regulator (TPR) wants more trustees to sign up for its pledge to combat pensions scams campaign.
The pledge was launched five years ago in partnership with the Money and Pensions Service (MaPS) and more than 31.5m memberships are now protected, TPR said.
More than 650 schemes and organisations have now engaged with the pledge, but TPR urges those who are yet to sign up to act now and do so.
Paul Sweeney, TPR’s PSAG business lead, said: “November marked the fifth anniversary of our Pledge to Combat Pension Scams campaign. The threat of scammers is ever-present, and trustees and administrators have a crucial role to play in protecting their members by making the Pledge.”
He said 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.”
He said national initiatives like the BBC’s Scam Safe week help raise general awareness of the dangers of fraud, but it’s the pensions industry who are best positioned to warn and protect pension savers.
Mr Sweeney said: “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.”
He said the pledge has not stood still. “It continues to evolve in response to 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, TPR said it 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.
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