TPR relaunches scams campaign
The Pensions Regulator’s (TPR) ‘Pledge to Combat Pension Scams’ has amassed almost 400 schemes that have pledged or self-certified that they meet the Pledge’s principles, since its launch in November 2020.
TPR believes too few suspected scams are reported, and more must be done to ensure pension savers are protected.
Anthony Arter, Pensions Ombudsman said:
“Pension scammers can cause major damage to people’s finances. I continue to see cases where the distressing impact only comes to light many years after a transfer from a legitimate scheme. TPO is seeking to assist those who have suffered such losses by piloting a new dedicated unit to deal with these specialist cases, directing trustees to repay money obtained through dishonest means.
It is important for the pensions industry to be vigilant and ensure pension scheme members are protected. Understanding and complying with the new transfer regulations is essential to ensure members are safe from scammers.”
Find out more about the pledge on TPR’s website.