By Paul Sweeney, The Pension Scams Action Group Intelligence Business Lead
For years, we and our partners have been on the frontline in the fight against fraudsters. And today we can reveal how we are significantly boosting our intelligence, working more closely than ever before with our partners to stay one step ahead of scammers.
Bold action
Through the multi-million-pound ScamSmart campaign with the Financial Conduct Authority (FCA) and creative initiatives like the pension scam storyline in BBC’s EastEnders, we’ve educated millions of savers about the dangers of scams.
We’ve also pushed for higher standards in the pensions industry with our Pledge, which has seen schemes representing millions of members commit to adopting stronger scam prevention measures.
Together with our partners, our anti-fraud initiatives include prevention, disruption and punishment of criminal activities. We have achieved this by securing stronger legislation, dismantling fraudulent business models, prosecuting fraudsters, confiscating their assets and barring trustees.
As pension scams present an ever-evolving threat, tackling them effectively requires a focused approach to identify opportunities to proactively prevent or disrupt potential scams before they occur. That’s why we lead the Pension Scams Action Group (PSAG) – a multi-agency team uniting law enforcement, government and the pensions industry.
Strengthening our intelligence picture
To deliver on PSAG’s mission to prevent and disrupt pension scams, it’s vital we have a deep understanding of the scam threat landscape.
By enhancing the national intelligence picture, we can support effective policy making and decisive, cost-effective action. To achieve this, we formed closer senior-level strategic partnerships across key PSAG members last year. This collaboration has already improved intelligence sharing, and we are now actively working to build a more comprehensive intelligence picture of pension fraud.
As part of this initiative, we have embedded intelligence experts within critical agencies: the City of London Police and the National Economic Crime Centre. These strategic secondments will also strengthen collaboration between law enforcement and the pensions industry and align our approach with national fraud strategies.
By placing TPR representatives in these organisations, all parties can leverage each other’s unique expertise and knowledge, bringing together new ideas and insights.
A shared responsibility – your reports make a difference
Effective protection and prevention demand strong teamwork across organisations. The pensions industry has a critical role to play in reporting scams and developing and adopting robust anti-scam practices.
In 2023, a total of £17.7 million was reported lost to pension fraud, with an average loss of nearly £47,000 per person (Action Fraud, 2023). However, the Financial Conduct Authority (FCA) estimates that less than one in five instances of scams are reported (MaPS, August 2023). These staggering figures highlight the importance of vigilance and reporting.
Savers and industry members alike must report suspicions to Action Fraud. While Action Fraud is improving the current reporting process, with a phased introduction of the new service underway and continuing throughout 2025, it is crucial that the industry does not delay in reporting. Every report counts in building the intelligence needed to combat scams effectively.
Reports from industry sources are especially valuable, as they enable us to identify and disrupt scams at an earlier stage, thereby preventing harm to savers. With our new dedicated secondments, these reports are now being analysed more effectively than ever before. Every report is crucial, adding a vital piece to the intelligence puzzle and helping PSAG build a clearer picture of emerging scam activity to take decisive action against it.
United against pension scams
The fight against pension scams is not only a fight to protect people’s hard-earned savings; it’s also about safeguarding their dreams for a secure and fulfilling retirement. Through PSAG, we’re not just disrupting criminal activity — we’re building a foundation for long-term resilience, ensuring savers’ money is safeguarded for generations to come.
We are continuously reviewing how we can enhance our efforts to fight and prevent scams. Through our partnerships, we are committed to supporting law enforcement agencies by providing the necessary tools and insights to tackle scams effectively.
Together, united against the threat of pension scams, we can make a real difference.
Want to find out more?
We invite you to join us and our fellow PSAG partner, City of London Police, at our Fighting Pension Fraud webinar this March. You will learn more about how you can support this critical work and hear more about further developments from PSAG. Sign up to be part of the conversation, as we continue to strengthen our collective response to pension scams.
To signpost savers to information about how to protect themselves from all fraud, visit Stop! Think Fraud.
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