News and Updates
PSIG is a voluntary group and we are reliant on voluntary efforts and goodwill to help protect pensions scheme members from scams.
8 November 2021: Today the Conditions for Transfer regulations were laid before Parliament and will come into force on 30 November 2021. PSIG welcomes these regulations as a significant step forward in giving trustees and managers the power to refuse a transfer that does not meet the Conditions for a statutory right to transfer to exist. We worked with DWP and TPR to help make this happen and we are updating our Scams Code to version 3, which we aim to publish before the end of the year. This version will set out in detail the practical steps those involved in transfers ought to take.
Our focus, as always, is in protecting scheme members from scams, while encouraging straightforward transfers to proceed without delay. Our research has shown that approximately 5% of all transfer requests show signs of being a scam. These are the ones we need to prevent.
10 November 2020: TPR and PSIG today call on schemes and providers to publicly commit to combating pension scams by signing up to a Pledge to adopt good practices to protect savers. Read about it below:
1 November 2020: PSIG considers its future structure and priorities
As an unfunded voluntary industry group, PSIG punches well above its weight, having saved thousands of people from losing their pension savings to scammers. Our Code of Good Practice helps Providers, Trustees and administrators carry out due diligence to identify possible scams and help members to see the risks.
We have decided to restructure into a formal not-for-profit Community Interest Company and raise funds so that we can continue to protect members of pension schemes by
- continuing to update the Code of Good Practice
- working with Project Bloom to deliver non-legislative solutions
- expand our intelligence sharing forum, PSIF
- introduce an accreditation scheme to improve protection for pension scheme members
- launch a new website, more in keeping with the broad range of our activities
16 September 2020
Our Chair, Margaret Snowdon, gives evidence to the Work & Pensions Committee on its Inquiry into Pension Scams. She set out the scale of the problem and offered solutions, including our proposed amendment to the Pension Schemes Bill 2020 to allow the statutory right to a transfer to fall away when certain signs of a scams are present. She also called for improvement in the reporting of scams and collecting MI on volume and type of scams found by practitioners. In addition, she called for a change to the Finance Act 2004, to give discretion to HMRC to treat victims of pension scams as victims and not tax evaders.
We are working with DWP to help draft suitable regulations which will allow trustees and providers to stop transfers where red flags appear.
This is the culmination of 4 years' work by PSIG and should help in the fight against pension scams.