- TPR marks fifth anniversary of the Pledge, with over 31.5
million memberships now protected
- Trustees urged to take action, as analysis of Action Fraud
reports shows savers over 55 most at risk
- TPR and PSAG partners join BBC Scam Safe events to raise
awareness of pension fraud risks
The pensions industry has helped better protect millions of
savers from fraudsters through adopting the principles of the
Pledge to Combat Pension Scams, reports The Pensions Regulator
(TPR) in a new blog today.
The news comes as TPR and its Pension Scams Action Group (PSAG)
partner, the Money and Pension Service, participate in the BBC's
Scam Safe Week roadshow to help raise public awareness of pension
fraud.
, TPR's PSAG Business Lead,
marks the fifth anniversary of the Pledge – and the launch
of TPR's latest campaign – with a review of the significant
strides trustees and administrators have made.
The blog looks at the way forward with the Pledge and also
updates on trends emerging from TPR's latest analysis of reports
to Action Fraud in partnership with City of London Police.
“Pension fraud can be devastating. In one hit, a lifetime of
savings can be wiped out. And as our latest analysis indicates,
fraudsters often target victims at a time of life when they may
have little or no chance to recover their finances,” Paul writes.
While national initiatives like the BBC's Scam Safe week help
raise general awareness of the dangers of fraud, he adds, it's
the pensions industry who are best positioned to warn and protect
pension savers.
Paul reports that more than 650 schemes and organisations have
now engaged with the Pledge, helping to better protect 31.5
million memberships, but urges those who are yet to sign up to
act now and do so.
“Fraudsters are ruthless and nobody is immune. They will target
anyone, which is why industry must strengthen their security and
urge their members to be vigilant.”
Read the blog: As the BBC shines a
spotlight on fraud, trustees are urged to step up and make the
Pledge to Combat Pensions Scams
Notes to editors
- The Pledge to Combat Pension Scams was launched in 2020 to
unite the pensions industry against fraud. The Pledge is based on
three simple principles drawn from the Pension Scams Industry
Group's Code of Best Practice:
-
- Know the warning signs.
- Educate your staff and members on the latest
tactics.
- Report any suspicions to Action Fraud.
- The Pension Scams Action Group (PSAG), led by TPR, brings
together partners from law enforcement, the pensions industry,
government and other agencies to tackle pension fraud and prevent
savers falling victim. The multi-agency group shares
intelligence and collaborates closely to monitor the scams threat
landscape and take decisive and, where appropriate, robust action
to disrupt emerging threats and protect savers.
- The Pensions Regulator is the regulator of work-based pension
schemes in the UK. Our statutory objectives are to:
-
- protect members' benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and improve understanding of, the good
administration of work-based pension schemes
- maximise employer compliance with automatic enrolment
duties
- minimise any adverse impact on the sustainable growth of
an employer (in relation to the exercise of the regulator's
functions under Part 3 of the Pensions Act 2004 only)
