Pension scams: Pensions Regulator updates WPC on preventative pledge

The Work and Pensions Committee has published a letter from the Regulator providing an update on the effectiveness of its pledge to combat pension scams campaign, launched in November 2020. The pledge is a two-step process that commits schemes to taking action to protect members and follow the principles of the Pension Scams Industry Group (PSIG) code of good practice, and then encourages schemes to self-certify that they are fulfilling the pledge principles.

Since 2020/21 more than 600 schemes have taken the pledge, including nearly 60 per cent of Pension Scams Industry Forum (PSIF) members and master trusts. Further, 324 schemes have so far self-certified under the second step. The Regulator says it will continue to "nudge" more schemes to do so.

The letter also highlights that the Regulator has contributed to the DWP's review of the additional transfer restrictions put in place by the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021. The Regulator says it continues to work to prevent scams, while not unduly restricting legitimate transfers. It intends to keep relevant guidance under review.