Pensions: Fraud
The question
To ask the Secretary of State for Work and Pensions, how many pension scam prosecutions have been brought in each of the last five years; and how many resulted in a conviction.
Answered by Torsten Bell
As part of the Pension Scams Action Group (PSAG) the Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) are part of a multi-agency taskforce of law enforcement, government and industry working together to disrupt and prosecute pension fraud activity.
In the last five years, TPR has secured convictions in several cases, including two convictions for fraud-related offences in 2022, alongside other convictions for misuse of scheme funds in multiple schemes (involving four individuals). TPR currently has 6 open scam investigations (3 criminal and 3 regulatory), as well as 17 ongoing Fraud Compensation Fund cases. In 2025, it reviewed over 100 schemes, resulting in up to £20 million in compensation paid to affected victims. TPR has developed its enforcement approach putting greater emphasis on early intervention to stop harm at the source – including an AI-enabled website monitoring tool, resulting in 30 high-risk websites being taken down, and 120 referrals to external agencies for further action.
Likewise, the FCA takes reports of pension scams and wider misconduct seriously and takes robust enforcement action where appropriate. Recent activity includes prosecutions against three individuals linked to a high‑risk scheme targeting pension savings, a Tribunal decision upholding an FCA ban against an adviser who provided dishonest pension transfer advice, and ongoing regulatory action in relation to a pensions scheme.
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