The Pensions Regulator is asking trustees, administrators and savers to be vigilant as it has observed a rise in identity theft relating to pensions, with fraudsters taking over savers’ accounts.  

TPR issued the new scam alert to more than 35,000 pension professionals on Wednesday, in collaboration with City of London Police. It warns that fraudsters are posing as pension savers to gain access to their retirement pots. While those currently living in Africa are at higher risk of being targeted, the regulator said all scheme members should be vigilant.  

After obtaining a saver’s personal details and accessing accounts, the fraudsters 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, the regulator explained. 

 
Analysis carried out by a TPR intelligence expert embedded in City of London Police 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, with about £500,000 reported lost and a further roughly £2.5m at risk between 2021 and 2025.  

TPR and City of London Police are urging trustees and administrators to review their identity verification procedures, 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, and tell Report Fraud about any suspected fraud immediately. 

“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,” said TPR’s executive director, enforcement and legal group, Gaucho Rasmussen. 

“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,” he added.  

The regulator noted that it was the pensions industry that provided most of the intelligence behind the latest industry alert, with 90% of the reports made by trustees and administrators. 

Rasmussen said: “Together, we can stop criminals in their tracks.” 
 
TPR launched a new digital campaign on 23 February, encouraging the pensions industry to report suspicious activity to Report Fraud. 

 
Chris Bell, service delivery director at the City of London Police which runs Report Fraud, said 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,” Bell said.  

The renaming of Action Fraud to Report Fraud in December followed disappointment of many users that their reports of being defrauded were not being acted on, with a House of Lords committee report saying in 2022 that users feel their reports disappear into a “black hole”. The service also had the moniker ‘Inaction Fraud’. The new name reflects the fact that the service is for information gathering. 

Earlier this week, the government launched a new Online Crime Centre, with £30m in funding, as part of its Fraud Strategy 2026-29. The centre will start operating next month, bringing together government, police, intelligence agencies, banks, mobile networks and tech firms to identify fraudulent accounts, websites and phone numbers used by organised crime groups.

TPR is inviting pension professionals to a free live Pension Scams Action Group webinar on 18 March 2026 with fraud minister Lord Hanson to find out more about Report Fraud, the new Fraud Strategy and the latest in the fight against pension fraud.