Our pledge to help protect you from scams

Publication date: 11/11/2021 16:10:19

Shropshire County Pension Fund has signed up to the Pensions Regulator’s pledge to combat pension scams.

Pension scams are on the rise, with many criminals seeking to take advantage of the uncertainty caused by the Covid-19 pandemic. The risks of falling victim to such a scam can be devastating, with many losing their entire life savings.

The Pensions Regulator is asking trustees, providers and administrators of pension schemes to pledge to do what they can to protect scheme members and follow the principles of the Pension Scams Industry Group's (PSIG) Code of Good Practice.

The pledge asks us to commit to:

  • regularly warn members about pension scams
  • encourage members asking for cash drawdown to get impartial guidance from MoneyHelper
  • get to know the warning signs of a scam and best practice for transfers
  • take appropriate due diligence measures by carrying out checks on pension transfers and documenting pension transfer procedures
  • clearly warn members who insist on high-risk transfers being paid
  • report concerns about a scam to the authorities and communicate this to the scheme member

We’re pleased to say that we were doing all these things anyway.

We’re proud to support the Pension Regulator’s pledge and do what we can to help protect our scheme members from falling victim to pension scams.

Don’t forget, it’s important to know how to spot a scam, as you may be targeted by fraudsters. You can get further information and advice from Pension Wise, the Financial Conduct Authority and The Pensions Advisory Service.

Categories: