Pension scams

PSIG chair says broad and loosely written rules mean some legitimate transfers are blocked

25% of pension transfer assessments in Q1 2023 raised red flag scam warnings

Behavioural biometrics can be utilised to protect members, PASA delegates told

Guide will help industry with key due diligence steps when assessing transfers

Trustees fearful of lack of engagement from members

Scams is an important issue, but administrators need to play their part

Survey finds that regulators should be doing more to combat the growing threat

Increase follows in the wake of the November 2021 changes to pension transfer rules

XPS research revealed higher-value pensions are much more likely to be targeted

Just 400 schemes and organisations have so far signed the pledge