The Pensions Regulator (TPR) has urged trustees to "step up" and protect savers from pension scams as part of its new campaign encouraging those who have not signed up to its Pledge to Combat Pension Scams to do so.

In a blog post, Pension Scams Action Group intelligence business lead, Paul Sweeney, explained that TPR's ongoing analysis of reports to Action Fraud as part of its wider partnership with City of London Police has helped enhance its profile of the savers most at risk.

In particular, the analysis revealed that pension savers over 55 are at a higher risk of being scammed.

"Fraudsters are ruthless, and nobody is immune. They will target anyone, which is why the industry must strengthen its security and urge members to be vigilant," he stated.

Sweeney emphasised that the industry has a critical role to play in warning and protecting savers, arguing that "by uniting in our commitment to adopt good anti-scam practices, we can drive progress to better protect savers".

"Trustees and administrators are the first line of defence and best positioned to reach their members," he stated.

"That’s why we have updated the Pledge to Combat Pension Scams and launched a new campaign, calling on those who have not engaged with the pledge to do so now."

As part of the update, TPR clarified the wording of the self-certification stage and simplified the reporting process by making Action Fraud the single avenue.

TPR is also urging those who have signed up to go one step further and self-certify they are turning their commitment into action.

"Launched with a clear mission to unite the pensions industry against fraud, the pledge has made great strides towards its goal in the last five years," Sweeney said, confirming that over 650 schemes and organisations have now joined by pledging and/or self-certifying.

"Adoption of the pledge has even spread beyond our remit, bringing the total memberships protected to 43 million – around 44 per cent of pension savers," Sweeney said.

However, he said that despite this "real progress", there is still more to do, arguing that "we need the pensions industry to be 100 per cent united in the fight against fraud".

"Next year, we will work with industry to further improve the pledge," Sweeney stated. "There will also be a webinar in the spring, which will help educatethe industry on scams and further promote the pledge."

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