The Pensions Regulator (TPR) has issued a scam alert, calling on the industry to take action to protect members’ savings amid an increase in impersonation fraud.

The alert was sent to more than 35,000 pension professionals, in collaboration with City of London Police (COLP), warning that fraudsters were posing as pension scheme members to gain access to pension pots.

TPR urged the sector to tighten its security to protect their members following a spike in reports of impersonation fraud.

According to the regulator, fraudsters were getting hold of members’ personal information and using it to try and pass security checks to access their accounts.

They then changed the bank details or created a false account in the victim’s name to divert funds and steal retirement pots.

While all UK pension scheme members were told to be vigilant, analysis of reports to Report Fraud showed a “sharp rise” in impersonation scams affecting UK members living in Africa in 2025.

Between 2021 and 2025, around £500,000 was reported lost and approximately £2.5m was at risk.

TPR highlighted that similar risks also applied across other jurisdictions.

In the new alert, TPR and COLP urged trustees and administrators to review their identity and verification check procedures; review data security for letters and documents posted overseas; encourage members to strengthen online security; and report any suspected fraud immediately to Report Fraud.

“Fraudsters will stop at nothing to get their hands on savers’ pension pots,” said TPR executive director, enforcement, and legal group, Gaucho Rasmussen. “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.

“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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