Pensions - Articles - 36% of pension schemes have observed potential scam activity

 Xafinity, which has been advising schemes on how to identify potential pension scams, is advising that scams are becoming increasingly sophisticated and that scammers are constantly adapting to avoid detection by pension schemes and members. Xafinity also advises that it has seen an increase in members asking to transfer their benefits in order to invest their transfer value in unregulated investment products.

 In light of this, Xafinity is holding a free online seminar to explain what pension schemes can do to protect their members from falling victim to pension scams.

 Representatives of pension schemes can register to attend this online seminar via the following link. www.xafinity.com/protectingyourmembers (short link not created yet)

 Paul Darlow, head of proposition development at Xafinity stated “The results of pension scams can be devastating for members, and pension schemes alike. The new Code of Good Practice should help pension scheme Trustees to be alert to, and respond to, the risk of pension scams, and help to protect pension scheme members. I hope that our online seminar will be useful to Trustees in understanding, and reacting to, the risks posed to make sure that their members are protected.”