On November 11, 2022, the Regulator, the FCA and MaPS issued a joint press release warning to pension savers to be on their guard against pension scams, amid concerns that strained household finances could leave savers especially vulnerable.

The three bodies, all members of the Pension Scams Action Group which is a multi-agency taskforce dedicated to keeping savers safe from scams, have expressed concern that fears over the economy, such as recent extreme movements in gilt yields, may prompt savers to make rushed decisions about their finances and pension pots. A spokesperson for the Regulator emphasised that pension schemes are not at risk of collapse, and savers who have seen recent headlines over the economy should access free online advice services such as the Government’s MoneyHelper and the FCA's ScamSmart sites. 

Scam warnings are likely to be repeated frequently as the cost of living crisis bites and savers are tempted by fraudsters to access their pension funds.