29 March 2021
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, has welcomed yesterday’s report from the Work and Pensions Committee, Protecting Pension Savers-5 years on from the pension freedoms: Pension Scams.
PSIG Chair, Margaret Snowdon said: “I am very grateful that the Committee listened carefully to our evidence, based on our years of working within the pensions industry, to combat pension scams. We are encouraged they have recommended many of the changes we proposed, including; our definition of a pension scam, the incorporation of our red flags into regulations and our call for better reporting of scams and suspicions. The value of our Code of Good Practice and our intelligence sharing forum, Pension Scams Industry Forum, was highlighted and we look forward to seeing the development of a truly national scams database. Finally, I am delighted to see support for our years’ long battle for fairer tax treatment of pension liberation victims.”
Snowdon continued: “This is an excellent, clear and helpful report and my congratulations go to the Committee and to the Chair, the Rt. Hon Stephen Timms, MP. Now all that is left is for the industry to fully take on board this guidance and we stand a chance of combatting pension scams for good! ”
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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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