The Pensions Regulator (TPR) has warned that fraudsters are increasingly impersonating people’s personal details to steal pensions.
TPR says the pensions industry needs to tighten security on pensions to better protect members after a “spike” in fraud cases.
The regulator has issued a warning to more than 35,000 pension industry professionals in collaboration with City of London Police.
The TPR warns that fraudsters are posing as pension savers to gain access to retirement pots, with some pension savers losing huge sums as a result.
Pension savers now living in Africa are said to be at particular risk, the TPR said.
In one case 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 living in Africa in 2025. This follows a year-on-year rise since 2016.
Around £500,000 was reported lost in one case and around a further £2.5 million was at risk between 2021 and 2025.
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 retirement savings, the TPR said.
The problem is not only confined to those living in Africa, the TPR said, and it warned about growing risks in other jurisdictions.
The TPR has urged trustees and administrators to review their identity and verification procedures, review data security for letters and documents posted to overseas addresses and encourage members to strengthen online security by adopting two-step verification and stronger passwords.
Any suspicions should be reported to Report Fraud immediately even if no money has yet been taken, TPR said.
Gaucho Rasmussen, TPR’s executive director, enforcement and legal group, said: “We are urging the pensions industry to act immediately to protect savers by strengthening their defences and ensuring their members do the same.
“Pensions professionals are the first line of defence against scammers and it’s vital they 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.
Report Fraud is a new national reporting service for cyber crime and fraud and replaced Action Fraud in December.
Chris Bell, service delivery director at City of London Police, said: “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."
• Visit Report Fraud for more advice and Identity fraud guidance.