The Pensions Regulator launches new campaign
18 November 2020
The Pensions Regulator (TPR) has launched a new campaign that aims to combat pension scams. Pension providers, trustees and administrators are being encouraged to assist in protecting savers who are considering cashing in their pensions by notifying them of the risks, educating them on the topic of current and emerging scam tactics, and by carrying out relevant diligence.
It is no secret that pension scams ruin lives, and on average, victims of those scams lose between £1,000 and £500,000 from their saving pots. Businesses are being urged to support the TPR’s latest campaign and trustees, providers and administrators are being asked to take the pledge to combat pension scams and to commit to follow the principles in order to ensure that they protect scheme members.
Anyone agreeing to make the pledge will agree to meet six pledge steps:
- Frequently advising members of the risks of scams
- Encouraging those who request cash drawdowns to contact The Pensions Advisory Service to receive free, impartial guidance
- Learning the warning signs of scams and best practice for transfers
- Taking appropriate due diligence measures and documenting transfer processes
- Communicating concerns to members where high-risk transfers are being made
- Reporting concerns related to suspected scams to the member and authorities
TPR is encouraging the use of the tools and materials it has produced, which include:
- Press release – industry urged to make a pledge to beat pension scams
- Dedicated website – trustees, advisers and providers are able to sign up to the pledge via a dedicated website
- Interactive training – a Trustee Toolkit module has been developed which gives an overview of the procedures trustees and providers should take to protect savers
- Social media – TPR asks that its social media posts are reposted or shared to help to raise awareness of the campaign
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