The Pensions Regulator (TPR) has launched its new-look ‘Pledge’ campaign, which encourages pension scheme trustees to do more to protect savers from scammers. The main ask of the ‘Pledge’ is to ensure trustees are reporting suspected scams to the authorities through Action Fraud or in Scotland by calling 101.
Since the campaign’s initial launch in November 2021, almost 400 schemes have pledged or self-certified they meet the campaign’s saver-protecting principles. Those schemes cover an estimated 16 million pension pots. Although this is a step in the right direction, TPR believe more could be done. They would like to see every administrator, trustee and provider take responsibility for protecting savers and join the ‘Pledge’.
DWP recently introduced new measures to help protect people from pension scams. The measures empower pension trustees and scheme managers to intervene and stop or pause transfers where they suspect funds could end up in the hands of a fraudster.