IFAs, pension providers and administrators all perform important roles in providing advice to members, issuing documentation and transferring members out of pension schemes.
Whenever you engage with a member, where possible, you should make them aware of the potential warning signs of pension liberation fraud. Our action pack provides administrators with guidance on how to proactively educate their members about pension liberation fraud and a checklist to help spot it.
We are asking all administrators to include a pension liberation insert when issuing transfer packs to members and would like to see this become best practice. If you currently issue transfer packs via third parties, you should consider if they should now be sent direct to members.
We’d also encourage pension providers and administrators to include an awareness leaflet in all their general communications relating to transfer requests and enquiries. You could also link to this leaflet on scheme or employer websites.
Publication Pension liberation fraud action pack (PDF, 720kb, 13 pages)
Provides some background on pension liberation fraud activities, including:
- example scenarios of pension liberation fraud
- the warning signs when members have been targeted
- information on what you can do to reduce the risk of pension liberation fraud
- a checklist for administrators to help spot liberation arrangements
- guidance for administrators on educating members.
Leaflet Pension liberation fraud transfer pack insert for members
Information on the Pensions Advisory Service (TPAS) website you can include in transfer packs to warn your members about pension liberation fraud
Leaflet Pension liberation fraud awareness leaflet for members
Information on TPAS website you can send to members who contact you with queries about pension liberation fraud
Leaflet Pension liberation fraud awareness leaflet for members: Welsh version
Information in Welsh on TPAS website you can send to members who contact you with queries about pension liberation fraud
Webinar Webinar: Pension liberation fraud
Find out about pension liberation fraud and what is being done to combat it
E-learning Preventing pension liberation fraud
Understand how you can help prevent your scheme members from becoming victims of pension liberation fraud (10 minutes)
Webinar Video: Thinking of taking your pension early - watch out for pension fraud
A video from TPAS for members about the consequences of accessing their pension early and the warning signs of these scams
Information Pension liberation - a message from HM Revenue and Customs
A joint update with HMRC and the Department for Work and Pensions (DWP) on the work we are doing to combat pension liberation fraud.