Combating Pension Scams

The Code of Good Practice

Pension scams can be damaging to individuals, pension schemes and society generally. People are tempted by such offers, but many find themselves transferring their benefits to dubious and risky unregulated investment structures or their benefits simply disappear. The pensions industry therefore called for guidance to help share good practice and help reduce the risk of successful scams. An Industry Group was formed to developed a Code of Good Practice for use by all in the industry.

I am grateful to the members of the Industry Group and all the other organisations and individuals who freely gave their time to help develop the Code.

Margaret Snowdon OBE, Chairman of the Pension Liberation Industry Group

The Code applies from 16 March 2015 and applies to all transfer requests processed on or after that date.

The Code will be reviewed and updated on a regular basis to ensure it reflects current risks and good practice. The current version can be downloaded below.

In May 2016, the PLIG presented an Options for Change paper to government to help further protect individuals from scams. In 2017, we will update the Code to reflect market changes and to encourage stronger protection for members . A copy of the options paper can be downloaded below.

The Code is voluntary and set an industry standard for dealing with requests by members for transfers from a UK registered pension scheme to another registered pensions scheme or Recognised Overseas Pension Scheme (ROPS).
The Code is not a statutory code.
The Code does not replace or over-ride existing requirements or guidance issued by regulatory bodies on transfers and pension scams