The Pension Scams Action Group (PSAG) published an alert for pension scheme trustees and administrators in September 2025 covering unauthorised access to pension scheme members' accounts using hacking and impersonation techniques1. PSAG is a multi-agency taskforce of law enforcement, government and industry working together to tackle pension fraud1.
The alert was followed by an update, published in March 2026, which identified a heightened risk of impersonation and account takeover for UK pension scheme members who now reside in Africa1. The update is described as an update to the September 2025 industry alert1. The sources do not report how many members or schemes have been affected, what sums are involved, or which specific techniques were used beyond hacking and impersonation.
PSAG's core members are the Department for Work and Pensions, the Financial Conduct Authority, His Majesty's Treasury, the Money and Pensions Service, the National Economic Crime Centre, the Pension Scams Industry Group and The Pensions Regulator1. The group says it co-ordinates and targets efforts to combat pension scams and fraud through education, prevention and enforcement1.
"An alert for pension scheme trustees and administrators, involving unauthorised access to pension scheme members' accounts using hacking and impersonation techniques."
PSAG lists earlier measures it has been involved in. Under the Pension Schemes Act 2021, pension trustees now have powers to prevent transfers if they see signs of a scam, and savers are now required to take advice1. A ban on pensions cold calling came into force in 20191. In 2022, following a TPR prosecution, two fraudsters were jailed for more than 10 years in total for their part in a £13 million pension scam, and the independent trustees appointed to the schemes received initial compensation payments of £13.2 million from the Fraud Compensation Fund1. PSAG also supports TPR's Pledge campaign, which it says has seen more than 650 schemes and organisations sign up to or self-certify they are taking action to protect savers1.
Why it matters for households
The alert concerns pension scheme members whose accounts have been accessed without authorisation, and the March 2026 update points to a heightened risk for members who now live in Africa1. Anyone in a workplace or personal pension scheme is within the population the alert covers, but the sources do not identify which schemes, providers or individuals have been affected, or whether any money has been taken. The practical effect for members is that scheme administrators have been told to look for impersonation and account takeover, which can involve someone contacting a scheme while claiming to be the member. PSAG's stated work includes improving public awareness of pension scams and providing victim support to minimise the impact scams have1. Separately, trustees already hold powers to block a transfer where they see signs of a scam, and savers are required to take advice in certain circumstances1. Guidance on pension scams, warning signs and transfers and on when a private or workplace pension can be accessed sets out the general rules.
What happens next
The March 2026 update to the alert has been published1. No further steps, deadlines or reviews are reported in the sources. PSAG has also published a 2026 "Fighting pension fraud" industry webinar1.
Sources1 cited
- Pension Scams Action Group (PSAG) thepensionsregulator.gov.uk
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