Fraudsters are using increasingly sophisticated impersonation techniques to access savers' pensions, according to the Pensions Regulator.

It has urged the pensions industry to take action to protect savers from impersonation fraud.

It warned that scammers are using stolen personal data to impersonate savers and try to take over their pension accounts.

The TPR said those aged between 50 and 69 are most at risk, according to the latest analysis of reports to Action Fraud relating to pension fraud by TPR and City of London Police.

It added that fraudsters are also impersonating trusted organisations to contact individuals who have already been scammed, claiming to help them recover compensation.

The Chartered Trading Standards Institute and Fraud Compensation Fund have issued alerts about the crooks’ activities.

TPR wants trustees and administrators to tighten security to combat the impersonation attempts to breach scheme defences.

It said that nearly 70% of reports to Action Fraud came from savers or relatives – not from the industry.

Writing in a new blog, Paul Sweeney, TPR’s business lead for the Pension Scams Action Group (PSAG), said: “This is a powerful reminder of why we need trustees and administrators, as frontline professionals, to step up and report suspicious activity – before fraudsters reach savers.  


"As our analysis demonstrates, every report counts.”

TPR and its Pension Scam Action Group partners have been developing an enhanced intelligence picture which allows them to analyse trends and detect and disrupt these threats earlier to prevent harm.

Mr Sweeney said: “What we are seeing makes it clear that schemes must tighten their security – and take action to protect their members.

“It’s vital trustees and administrators act now to strengthen their scheme defences – and ensure their members secure their accounts.”

Warning alerts to the pensions industry of emerging threats are now being issued by TPR following a recent pilot.

‘Sophisticated’ fraudsters targeting savers’ pensions