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Self-certify you meet the pension scams pledge

If your scheme or organisation meets the actions of the pledge to combat pension scams you can self-certify this to us.

Check you meet the pledge

By submitting a declaration, you are self-certifying that your scheme or organisation has put in place the practices outlined below.

Communicating the risks of scams to members

You regularly warn members about the risk of scams by including scams materials in:

  • annual benefits statements
  • transfer packs when a transfer is requested
  • member-facing communications such as your website

Cash drawdown requests

You encourage members asking for cash drawdown to contact MoneyHelper for appropriate impartial guidance.

Warning signs and best practice for transfers

You get to know the warning signs of a scam and good practice for transfers by making sure that trustees and anyone who interacts with members:

  • completes the scams module in the Trustee Toolkit
  • attends industry scams events and webinars
  • stays up to date with scams guidance from The Pensions Regulator and the Financial Conduct Authority and reviews the Pension Scams Industry Group (PSIG) Code of Good Practice

Due diligence on pension transfers

You take appropriate due diligence measures and document pension transfer procedures by:

  • ensuring that any member asking to transfer more than £30,000 from a defined benefit scheme takes regulated advice
  • checking the FCA warning list where there is any concern about a transfer
  • maintaining a list of questions to help identify vulnerable customers and keep records of those who may be vulnerable
  • monitoring the number of cash equivalent transfer value quotes and which advisers are supporting the members’ requests
  • communicate with members, by calling or writing when initial analysis has raised concern to assess the level of risk and to understand:
    • the nature of the member contact. eg by ‘cold call’, or whether there have been offers of a ‘free pension review’ or ‘early access’
    • if unregulated introducers and individuals of concern have been involved
    • the nature of the investments, if they are high risk or unregulated, and the member’s understanding of how the funds will be invested on their behalf
    • the level of fees being charged, what the members understand of these charges and whether any valuable guarantees will be lost on transfer

We believe best practice would be to call the member to confirm their understanding of the transfer and to make them aware of the concerns, but it is accepted that communicating concerns to members can be effectively achieved in different ways.

Communicating concerns about high-risk transfers

You clearly warn members who insist on high-risk transfers being paid by writing and calling to make them aware of your concerns.

Reporting concerns about scams to the authorities

You report any concerns about a scam to the authorities and communicate this to the member by:

  • encouraging members to report the scam or suspected scam to Action Fraud or 101 in Scotland
  • directing members to the FCA’s website to report suspicions about a pension transfer
  • reporting any intelligence or concerns to TPR

Complete your self-certification

Once the practices are in place you can self-certify to us.

Self-certify you meet the pledge

If there are actions you still need to complete before self-certifying, read the pledge to combat pension scams for further information.