The Pensions Regulator is today giving pension savers the help that they need to safeguard against potential scams.
In support of Scams Awareness Month, the regulator has added new information on its website as part of its on-going Scorpion campaign, alerting retirement savers to the risks.
The regulator’s new info graphic explains typical pension scammers tactics and ways in which members can scamproof their savings.
A new video has been produced by the regulator in which chief executive Lesley Titcomb talks about how members can help protect themselves, and how the regulator is working with other Government organisations to disrupt scamming activity.
In addition guidance is available for pension scheme trustees, including a check list of scam hallmarks, and the campaign signposts to a new code of good practice that sets out due diligence processes to combat pension scams. It calls on trustees to encourage members to contact Pension Wise, the new Government service aimed at helping those approaching 55 to understand their options.
Lesley Titcomb, chief executive of The Pensions Regulator said: “The people behind pension scams are shape shifters. They are sophisticated and well organised so we have to be resourceful, tenacious and work collaboratively with Government, law enforcement and other agencies to educate the public, disrupt the activities of scammers and take legal action where necessary. There is no single organisation or agency which can tackle scams alone.
“Consumers have their part to play by arming themselves with the facts. In addition Pension scheme trustees should be warning members to be vigilant and informed as to the dangers of potential scams. Trustees can play their part by directing savers to Scorpion material, helping their members to recognise the hallmarks of scams and how to protect themselves.
Read more on the Pension Regulator website.
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