Have you taken the pledge?

Topic:

Hot topic

Date published:

Tuesday, 24 November 2020

Author:

Gillian Graham

The Pensions Regulator has launched a new campaign calling on trustees, providers and administrators to do everything they can to protect scheme members from scammers. Pension scammers wreck lives and people can lose their entire life savings, but you can help.

What is the pledge and why should I do it?

When you pledge, you are committing to the following principles:

• regularly warn members of the risk of scams
• encourage those requesting cash drawdown to call The Pensions Advisory Service for free, impartial guidance
• learn the warning signs of a scam and best practice for transfers by taking the new Trustee Toolkit module
• take appropriate due diligence measures and document pension transfer procedures
• clearly communicate concerns to members if high-risk transfers must be made
• report concerns about a scam to the authorities and communicate this with the member.

Making the pledge will show your members and the pension industry that you are determined to tackle scams. Once you have pledged, you should take action to implement these principles and then self-certify that you're fully following them.

We’re all too aware that this is a very serious issue, and are looking to make the pledge to combat pension scams, and so can you.

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