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New pledge to help combat pension scams

The Pensions Regulator has launched a new initiative to encourage providers, advisers and scheme trustees to support a pledge to take action to reduce and protect members from scams.

The Pension Scams Industry Group (PSIG) is in full support of this initiative and is encouraging everyone in the retirement industry to follow their code of good practice, which sets out practical steps that everyone in the retirement industry can take to protect their members from scams.

People who make the pledge to combat pension scams will 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 scheme member.
Pension scammers are continually changing direction. They target anyone irrespective of the size of their pot and they destroy peoples’ lives.

Usdaw has produced a new leaflet and poster to help our members to spot scammer activity. If you would like a supply of these leaflets and posters for your Union notice board please get in touch, contact us on [email protected]  or phone us on 0161 224 2804.

 

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