18 November 2020
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today welcomed Local Pension Partnership Administration Ltd (LPPA) as the first organisation to join its Pension Scams Industry Forum (PSIF) following the Pensions Regulator’s Combat Scams pledge initiative which was launched on 10th November. The forum is held on a monthly basis to share knowledge of schemes, companies and individuals of concern.
Tommy Burns, Chair of PSIF, said: “The forum is a crucial part of the work we do at PSIG. The discussions that we have and the sharing of knowledge, has helped trustees and administrators alike to identify many transfers of concern and has better protected pension scheme members from pension scams. We also use the forum to help us identify and track the techniques and approaches of the scammers and how they are evolving. This insight allows us to proactively try and stay one step ahead. Our findings are shared with our regulators and with the police through our representation on Project Bloom, the multi-agency initiative chaired by the Pensions Regulator which aims to combat the problem.
We were very pleased LPPA were so quick to join after the excellent initiative by The Regulator and we would encourage more organisations to do the same. It is only by continuing to engage in this type of open communication that the industry will be better able to tackle pension scamming.”
If your organisation wishes to be considered for membership of PSIF, then you can do this through the PSIG website here.
There are currently just under 50 PSIF member companies that participate in the forum.
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About the Pension Scams Industry Group
The Pension Scams Industry Group (PSIG), formerly the Pensions Liberation Industry Group, is a voluntary body created by the pensions industry to help share good practice and reduce the risk of scams through consistently applied practical due diligence.
The Group launched its first Code of Good Practice for use by all in the industry in 2015 and on 22 June 2018, published Version 2.0.
The Code is widely supported and recognised as having saved many people from losing their pension savings through scams.
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