The initiative – launched on 10 November with support from the Pension Scams Industry Group (PSIG) – encourages providers, advisers and pension scheme trustees to support a pledge to take all possible action to reduce and protect members from scams, and includes clear guidance around appropriate due diligence and best practice.

The watchdog is calling on the industry to publicly pledge their support for the initiative. According to Action Fraud, more than £30m has been lost to pension scammers since 2017.

Scammers are targeting pension pots big and small and so I call on the industry to do its bit and make the pledge to help prevent people losing a lifetime of savings.”

TPR executive director of frontline regulation Nicola Parish said: “Pension scams devastate lives. As the first line of defence for savers, trustees and pension providers have a vital role to play in beating the people behind these despicable crimes.

“Scammers are targeting pension pots big and small and so I call on the industry to do its bit and make the pledge to help prevent people losing a lifetime of savings.”

Pensions and financial inclusion minister Guy Opperman added: “With the new measures in the pension schemes bill and this co-ordinated approach, I am confident that we can stop the callous crooks who rob people of their retirement savings.

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