PSIG

Pension transfers will be red flagged and blocked if savers have been approached via social media under stronger anti-scam plans set out by the government today.

The Pensions Scams Industry Group (PSIG) has published version 2.2 of its code of good practice on combating pension scams.

The scam ‘epidemic’ across the pensions industry needs better government intervention in the form of a specifically appointed minister, AJ Bell has reiterated.

The increase in financial scams during the last 12 months has promoted calls from all corners of the pensions industry for better support for savers.

Police and regulators need greater resources to tackle the rising threat of pension scams, the Work and Pensions Committee (WPC) has been told, so the industry should also play its part in reporting all suspected scam activity.

Local Pension Partnership Administration (LPPA) has become the latest organisation to join the Pension Scams Industry Group (PSIG) forum.

Pension scams are not just about the money lost, but the lives devastated, says Nicola Parish, so the industry must unite to defeat this scourge.

The Pensions Regulator (TPR) has launched a pledge initiative to encourage trustees to commit to a step up in processes to protect member interests and combat pension scams.