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New code on combating pension scams

03 July 2018
Issue: 4654 / Categories: News

Combating pension scams.

The Pension Scams Industry Group (PSIG) has launched version 2.0 of Combating Pension Scams – A Code of Good Practice.

It reflects changes to the market and scammers’ tactics. Highlights include:

  • making it easier for schemes to report suspected scams;
  • expanded template letters and stronger member discharges;
  • case studies portraying real decisions made by real schemes; and
  • greater clarity on member responsibility when decisions have been made contrary to due warning.

The first code published in 2015 set out the key steps to identify possible pension scams as well as provide practical guidance such as checklists and sample letters. It has no statutory basis but as a result of schemes adopting it thousands of transfers to unauthorised arrangements have been prevented.

Margaret Snowdon chair of the PSIG ...

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