Anti-scam messages on rogue websites are leading consumers to believe they are legitimate investment vehicles, The Pensions Regulator (TPR) warns.
The warning came after a number of suspected scam websites were referred to TPR - including some carrying the Project Bloom campaign's anti-scam material without TPR's consent.
TPR said the websites implied they were regulated by carrying warning messages designed to prevent people falling into scams - such as making reference to the tax implications of accessing pensions before 55, and giving warnings about the danger of cold-callers.
The regulator is currently leading the multi-agency Project Bloom taskforce, which was set up to tackle pension scams.
It includes the Department for Work and Pensions (DWP), HM Treasury, the Financial Conduct Authority (FCA), HM Revenue & Customs (HMRC), the Serious Fraud Office, City of London Police, the National Fraud Intelligence Bureau, The Pensions Advisory Service, and the National Crime Agency.
TPR will demand any scam website using material that it owns must cease using it, and will investigate with other agencies to decide whether further action, such as legal proceedings, should be launched.
It will also be updating its website to spell out even more clearly that just because websites talk about scams, this does not mean they are not scam vehicles themselves.
TPR's latest warning follows the government's recent announcement it will press ahead with "tough" measures to prevent potential victims from being stripped of their pension savings. It will introducea cold-calling ban, tightening HMRC rules to stop scammers opening fraudulent pension schemes, and imposing tougher actions to help prevent the transfer of money from occupational schemes into fraudulent ones.
TPR chief executive Lesley Titcomb said: "These sites are wolves in sheep's clothing, lying in wait for unsuspecting victims by portraying themselves as being beyond reproach.
"The truth is that this next generation of scam sites poses a real threat to people's financial futures and should be avoided.
"We welcome the government's tough new measures, which will strike a significant blow to pension scammers who devastate people's lives by duping them out of their life savings.
"We are working closely with government, enforcement agencies and key financial service bodies to bring scammers to justice and, through our Scorpion campaign, to help the public protect themselves from scams."
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