Pensions: Fraud
The question
To ask the Secretary of State for Work and Pensions, with reference to his Department's press release entitled Government crack down on pension scams, published on 9 June 2026, how many reports of pension scams were received by (a) Action Fraud, (b) The Pensions Regulator and (c) the Financial Conduct Authority in each of the last five years.
Answered by Torsten Bell
Collective data on reported pensions fraud is held by Report Fraud (previously Action Fraud), rather than regulators, and these figures show that reported levels of pensions fraud have increased since 2021. However, this should not be taken as evidence of a corresponding rise in underlying criminal activity. Pensions fraud is difficult to quantify, with a significant time lag between activity and detection, normally because the fraud occurs well before individuals access their pension savings. As a result, reported figures may include historic cases and may not reflect current risk.
Enhanced due diligence under the Conditions for Pension Transfer Regulations, together with clearer escalation pathways, has strengthened the identification and recording of suspected fraud, which may also, in part, account for the increase in reported cases.
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