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Workers Pension Trust signs up to pledge to combat pension scams

Posted in General News and Newsletters

The Pensions Regulator has launched a scam-busting campaign asking trustees, providers and administrators to pledge to take all possible actions to protect members from pension scams.

This anti-scam campaign is calling on the pensions industry to commit to six key saver-protecting actions.

  1.  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.

The Scheme Trustees have signed up to the pledge to combat pension scams and are currently working through any additional actions or processes we may need to put in place to further protect our members.

Workers Pension Trust welcomes this initiative and is fully committed to stopping scammers in their tracks and protecting members.