7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

TPR publishes blog on pension scams

TPR published a blog on 6 February 2025 explaining how it’s working with partner organisations to combat pension scams. It has secondees at the City of London Police and the National Economic Crime Centre, which allows them to leverage each other’s “unique expertise and knowledge, bringing together new ideas and insights”.

The pensions industry has a “critical role” to play in reporting scams.  In 2023, a total of £17.7 million was reported lost to pension fraud but it is estimated that less than one in five scams are reported. Savers and industry members are urged to report suspicions to Action Fraud, with reports from industry sources being “especially valuable”, as they enable TPR to identify and disrupt scams at an earlier stage, minimising the risk of harm to savers.

To signpost savers to information about how to protect themselves from all types of fraud, trustees can direct their members to Stop! Think Fraud.

PASA announces new Chair and President

On 10 February 2025, PASA announced that it will appoint David Fairs as Chair, replacing Kim Gubler, a “long-standing leader” within PASA who will move to the role of President, on 24 March 2025. David Fairs brings “extensive experience” in pensions regulation and governance, having served as Executive Director for Regulatory Policy, Analysis, and Advice at TPR up to April 2023.

Inquiry into AI in financial services

The Treasury Committee has opened an inquiry into the use of AI in financial services. It explores how financial services, including pensions, can “take advantage” of the opportunities in AI while “mitigating any threats to financial stability and safeguarding financial consumers, particularly vulnerable consumers”.  As part of the inquiry, the Committee has published a call for evidence, with a deadline for submissions of 17 March 2025.