Pension anti-scam strategy unveiled as cost-of-living crisis continues

08 Aug 2022

A new scam-fighting plan from The Pensions Regulator (TPR) aims to protect savers as the cost-of-living crisis may leave them potentially more vulnerable to scammers. 

TPR is warning that savers may be lured by offers to access their pension savings early to cover essential household bills or be attracted by fake investments offering high returns that never materialise.

In the scam strategy, TPR says it will continue to improve the co-ordination of intelligence between scam-fighting partners to better disrupt and prevent fraud and scams and bring scammers to justice.

The strategy follows a joint assessment of the threat from pensions scams carried out by TPR and the National Fraud Intelligence Bureau.

TPR's three-pronged plan aims to:

• educate industry and savers on the threat of scams
• prevent practices which can harm savers' retirement outcomes
• fight fraud through the prevention, disruption and punishment of criminals.

Nicola Parish, TPR's Executive Director of Frontline Regulation, said: 'Our new scams combat plan sets out to make savers aware of the risk of scams, encourage schemes to adopt higher standards of protection for savers' pots and secure the intelligence we need to work with others to pursue and punish criminals. 

'But this task is not ours alone. We expect industry to lead the way in thinking of innovative ways to protect savers now and in the future.'