Pensions - Articles - TPR welcomes new rules to scupper pension scammers

The Department for Work and Pensions has today (Friday 14 May) published for consultation new regulations under the Pension Schemes Act 2021 that will significantly change the way savers transfer between schemes.

 Nicola Parish, The Pensions Regulator’s Executive Director Frontline Regulation, said: “The vast majority of pension transfers are legitimate. But, for the small minority that are not, these welcome new regulations will provide an additional layer of scam protection for pension savers.

 “Along with preparing to change their processes to comply with the regulations, trustees and pension providers should continue to play their part in stopping scams. This includes reporting all suspected scams to Action Fraud, or by calling 101 in Scotland.

 “The pension industry can also demonstrate its commitment to ending the scourge of scammers by joining our pledge to combat pension scams campaign which includes a commitment to taking six key saver-protecting actions.”

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