TPR urges vigilance after rise in impersonation fraud against pension savers
Ref: PN26-06
- Fraudsters are using people’s personal details to take over their pension accounts and steal savings, new analysis indicates.
- The Pensions Regulator (TPR) warns pensions industry to tighten their security to protect their scheme members after reports spike.
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 was 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 an 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 2025.
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 the 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 Pension Scams Action Group (PSAG) webinar on 18 March 2026.
Lord Hanson, the Fraud Minister, will be amongst those taking part.
Notes to editors
Fraudsters’ tactics
The analysis identifies:
- Identity theft and account takeover – fraudsters gain access to member information via hacked email accounts or, in a very small number of cases, intercepted postal mail. They may also contact members to gather enough personal details to satisfy identity checks and convince the scheme that they are the member.
- Fraudulent duplicate accounts – criminals create fake pension accounts in a member’s name and move funds from the real account.
- Weak credential exploitation – access is gained through poor password security or lack of two-step verification. In these cases, the member and individual committing the act were known to each other.
- Fraudulent death claims – pension funds belonging to deceased members are being diverted.
Advice for savers
Reduce the risk of impersonation fraud by:
- Using strong, unique passwords for pension and email accounts.
- Turning on two-step verification wherever possible.
- Keeping your personal details up to date with your pension scheme.
- Being wary of unexpected requests for information, even if they appear genuine.
- Reporting – if you think you have been targeted by a scammer, tell Report Fraud at reportfraud.police.uk or by calling 0300 123 2040. In Scotland, call 101.
- Visiting Report Fraud for more advice on strengthening your security, and Identity fraud guidance
- Visiting trusted resources such as Stop! Think Fraud for more ways to stay safe.
Further notes
- TPR’s industry alert on impersonation fraud is being emailed to around 35,000 pension industry professionals on 11 March 2026.
- PSAG webinar: 18 March 2026, 2.30pm to 3.30pm. Find out more about and book the fighting pension fraud webinar.
- Read the Pension Scams Action Group’s Scam Safe leaflet to find out more about protecting yourself from scams.
- The Pension Scams Action Group, led by TPR, is a multi-agency taskforce of law enforcement, government and industry working together to tackle pension fraud.
- The Pensions Regulator is the regulator of work-based pension schemes in the UK. Its mission is to protect savers’ money, help to enhance the pensions system, and support innovation in the interests of savers. Our statutory objectives are to:
- protect members’ benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and improve understanding of, the good administration of work-based pension schemes
- maximise employer compliance with automatic enrolment duties
- minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only)
Press contacts
- Out of hours
- This is for journalists only with a media enquiry. The below number will divert to our on call media officer.
- pressoffice@tpr.gov.uk
- 01273 648496
