The Pensions Regulator: “We must all do more to combat pension scams"
04 August 2022
The Pensions Regulator (TPR) has released a detailed plan to tackle scams in the pensions market. However, they state for this plan to work the entire industry needs to “lead the way in thinking of innovative ways to protect savers now and in the future”.
The scam strategy has three key aims:
- educate savers about the threat scams provide
- encourage higher standards that prevent practices which lead to saver harms
- fight fraud through the prevention, disruption and punishment of criminals.
Some of the actions TPR will take to achieve these goals are:
- encourage anti-scam messaging on annual benefit statements
- support the Department for Work and Pensions (DWP) with their “stronger nudge to guidance” plans
- encourage schemes to comply with the Pension Scams Industry Group (PSIG) Code principles
- monitor and improve the trustee toolkit
- review data sharing agreements with the Money and Pensions Service (MaPS) and the FCA
- explore a dedicated Pension Scams Action Group (PSAG) hub for co-ordinated fraud disruptions, prevention and enforcement.
Actionable points are plotted over a three-year period, where success will be measured against the desired outcomes.
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