The Pensions Regulator (TPR) launched its latest anti-scam campaign on 10 November, calling on administrators, providers and trustees to play their part in stopping fraudsters and signing up to the pledge to combat pension scams.
A month on from the campaign’s launch, 117 pledges have been made, including three master trusts, which alone represent 50,000 savers.
A further 37 of those that pledged have also self-certified to confirm they have adopted stringent practices on due diligence, member warnings and reporting scams demanded by the pledge campaign.
To make the pledge trustees, providers and administrators agree to:
1. regularly warn members of the risk of scams
2. encourage those requesting cash drawdown to call The Pensions Advisory Service for free, impartial guidance
3. learn the warning signs of a scam and best practice for transfers
4. take appropriate due diligence measures and document pension transfer procedures
5. clearly communicate concerns to members if high-risk transfers must be made
6. report concerns about a scam to the authorities and communicate this to the member.
Nicola Parish, TPR’s Executive Director of Frontline Regulation, said: “Pension scammers wreck lives and we’re determined to stop them in their tracks.
“Our campaign offers the pensions industry the opportunity to play its part in the battle against scammers. More than 100 pledges in just one month is an impressive start. But we aren’t complacent.
“We urge every trustee, administrator and provider who has not pledged to do so and fulfil their duty to protect savers, understand scam tactics and adopt transfer due diligence best practice.”
Trustee Toolkit
As part of the campaign, TPR also launched its Trustee Toolkit scams module, which has seen 1,220 take-ups.
The module helps trustees, administrators and providers:
• identify the common warning signs of a pension scam
• define expectations about communicating regular scams warnings to members, both ongoing and when triggered by events such as a transfer request
• understand the questions they can ask members to help protect them from scammers
• describe what constitutes appropriate and proportionate due diligence on transfers.
Trustees, advisers and providers can sign up to the pledge through the TPR website.
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