A pension scam is where someone is tricked by criminals into handing over their pension savings. You must look out for pension scams to protect your hard-earned pension income. Pension scams have been increasing in numbers and sophistication since the introduction of pension flexibilities in 2015.

New regulations have been introduced by The Pensions Regulator to help trustees halt suspicious transfers.

The Plan holds large amounts of personal information about our members and other assets which can make us a target for fraudsters and criminals.

On 1 April 2021, the PSIG announced the launch of version 2.2 of its Code of Best Practice – Combatting Pension Scams. PSIG is a voluntary body established to combat pension scams through the publication of good practice in due diligence for trustees, providers and administrators.

On 27 January 2021, the Work and Pensions Committee (WPC) questioned Guy Opperman, Minister for Pensions and Financial Inclusion, as part of its inquiry into pension scams. During the session, the Minister made the following comments:

The campaign On 10 November 2020, The Pensions Regulator (TPR) launched its latest anti-pension scamming campaign when it called on the pensions industry to publicly pledge to combat pension scams. The campaign is supported by the Pension Scams Industry Group (PSIG).

Action Fraud have reported a 400% increase in scams as a result of coronavirus-related fraud with total losses reaching nearly £970,000. It’s more important than ever to ensure the safety of your pension, so if you receive an unsolicited phone call, or any paperwork asking for an immediate signature, it’s likely to be a scam....

You will no doubt be aware that the new data protection regulation - General Data Protection Regulation or GDPR – is coming into effect on 25 May 2018. The Trustee holds information about you, and your dependants and potential beneficiaries, which is required to manage the Plan. Therefore, the Trustee has been working hard over...

The crack down on cold-calling continues to intensify. The Pensions Regulator (tPR) in collaboration with the police, recently carried out a number of investigations into pension schemes that it suspects are linked to cold-calling firms.