Nearly 120 pension schemes have signed up to back a campaign launched by The Pensions Regulator to do more to fight pensions scams.
The campaign, launched in November, calls on the pensions sector to commit to six key saver-protecting actions.
The Pensions Regulator’s anti-scam campaign calls on administrators, providers and trustees to join the fight to stop fraudsters by signing up to the pledge to combat pension scams.
So far 117 pledges have been made, including three master trusts representing 50,000 savers.
A further 37 of those that pledged have also self-certified to confirm they have adopted stringent practices on due diligence, member warnings and reporting scams.
The pledges are:
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 member
Nicola Parish, TPR’s executive director of frontline regulation, said: “Our campaign offers the pensions industry the opportunity to play its part in the battle against scammers.
“More than 100 pledges in just one month is an impressive start. But we aren’t complacent. We urge every trustee, administrator and provider who has not pledged to do so and fulfil their duty to protect savers, understand scam tactics and adopt transfer due diligence best practice.”
As part of the campaign, TPR also launched its Trustee Toolkit scams module, which has seen 1,220 take-ups. The module helps trustees, administrators and providers identify the common warning signs of a pension scam.