Pledge to combat pension scams
Pension scammers screw up lives. But the industry is working together to stop them with more than 650 organisations pledging to combat pension scams.
Join them now and commit to taking action to protect your members and follow the principles of the Pension Scams Industry Group (PSIG) Combating Pension Scams – a Code of Best Practice. Once you have taken the pledge it's up to you and your scheme or organisation to take action.
Step 1. Pledge to combat pension scams
Make the pledge and commit to follow the three principles to ensure good anti-scam practice for your scheme.
Know the warning signs
- Get to know the warning signs of a scam and good practice for transfers by making sure trustees, relevant staff, and administrators complete the pension scams module in the Trustee toolkit (or equivalent training).
- Study and use the resources on the Financial Conduct Authority (FCA) website, review our information on how to avoid and report pension scams and familiarise yourself with Combating Pension Scams - a Code of Best Practice.
- Stay informed by attending industry events and webinars on pension scams.
- Carry out due diligence and ensure you have processes in place to monitor transfers and comply with your legal obligations – escalating any concerns with trustees.
- Consider applying to become a member of the Pension Scams Industry Forum. You can find information on the PSIG website.
Educate your members
- Regularly warn members about pension scams including the risk of them occurring.
- Signpost members to explore government guidance on the Stop! Think Fraud website.
- Share the leaflet (PDF, 183 KB, 2 pages) on the signs of a scam.
Report to Action Fraud
In England, Northern Ireland and Wales you should report fraud or concerns about a potential scam to Action Fraud and communicate this to the scheme members.
If you live in Scotland, you should call Police Scotland on 101 or Advice Direct Scotland on 0808 164 6000.
Check whether to report to FCA or TPR.
Step 2. Self-certify you have taken action to meet the pledge
We will send you resources that you can use to show your commitment and demonstrate that you're following good practice.
Once you have implemented the principles of the pledge you can self-certify.
This will fully demonstrate to your members and the pensions industry that you are playing your part to make sure that fewer members are devastated by scams.
Step 3. Go further
We want the industry to act now to combat pension scams. The pledge sets out our core expectations for the pensions industry and shows you take protecting scheme members seriously.
The pledge was developed with PSIG to reflect the main principles of their Combating Pensions Scams – a Code of Best Practice. You can follow the guidance in the code for additional steps to protect members.