We know pension scams screw up lives – and with the cost-of-living crisis continuing and pension transfers on the rise, savers may be more vulnerable than ever to the lure of scammers.

As an industry, we are well positioned to warn savers about the perils of pension scams.

That’s why just over two years ago, we launched our Pledge to Combat Pension Scams, which offers trustees clear principles to adopt so they can take action to keep savers safe.

These are to raise awareness of the risks, know the warning signs and report any suspicions to Action Fraud.

I’m delighted to say that more than 600 schemes have now made the pledge – and as a result, we believe around 16 million pension pots are now better protected.

I am also heartened by indications from research we carried out in 2022 that 75 per cent of lay trustees report they are aware of the pledge while 85 per cent agreed that TPR’s approach to fighting scams is an effective one.

Furthermore, 84 per cent of trustees, scheme managers and administrators said they were now communicating warnings to members on a regular basis, while two-thirds had added web content on pension scams.

It’s great to see this progress in just two years. But there is much still to do. We are urging any schemes that haven’t yet made the pledge, to do so. And we’re calling on those who have, to take the next step and self-certify they have taken action to meet their commitments.

Join our mission – make the pledge, take action and help us protect savers.

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