Guy Opperman urges pension schemes to begin sharing scam data
16 March 2021
Pensions Minister, Guy Opperman, has called on pension schemes to do their bit in attempting to stop the scammers who are intent on stealing the savings that people have put away for retirement.
A news story, published by the Department for Work and Pensions (DWP) confirmed that Mr. Opperman has contacted approximately 90 different schemes, by letter, to inform them that they must begin sharing scam data with the Pension Scams Industry Group (PSIG) so that there is a more accurate representation of the scale of the issue.
Currently, not all pension schemes share data with the PSIG, however, information that is collected is used by Project Bloom, which focuses on preventing pension scams and fraud.
It is hoped that greater data sharing, along with enhanced pension transfer rules included within the Pension Schemes Act, will mean that those who are saving for their retirement are further protected from scams.
Guy Opperman said:
“Today I am calling on all pension scheme trustees to support us in the fight against the callous criminals stealing savers’ pension pots.
While the measures contained in the Pension Schemes Act are a significant step forward, we need government, the individual and industry to tackle this together.
Pension schemes have a professional, ethical and moral duty to try and prevent their members being ripped off, and better data-sharing is a vital first step.”
To be part of the PSIG, there is an application form on the Combating Pension Scams website for trustees to complete.
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