The Pensions Regulator (TPR) in the UK has outlined plans to strengthen its defences against pension scams, by stepping up the multi-agency response it leads through closer collaboration, strategic partnerships and improved intelligence.

In a blog post, TPR Pension Scams Action Group (PSAG) business lead, Paul Sweeney, emphasised that the regulator and its partners have made "significant" strides in the fight against pension scams, highlighting the success of recent initiatives, such as the ScamSmart campaign, its industry pledge to combat scams, and the pension scam storyline in BBC's Eastenders.

However, Sweeney admitted that as 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, with further evolution also needed in PSAG's response to scams.

In particular, Sweeney stressed the need for TPR to have a deep understanding of the scam threat landscape, outlining the regulator's recent efforts to enhance the national intelligence picture.

"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," he explained.

"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."

However, Sweeney also emphasised the role of industry in the fight against pension scams, arguing that "the pensions industry has a critical role to play in reporting scams and developing and adopting robust anti-scam practices".

"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," he continued.

"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."

He also suggested that the new secondments will mean that these industry reports are 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," he stated.

"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."

This article was originally published on our sister website, Pensions Age.

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