The Pensions Regulator (TPR) is urging the industry to combat pension scams as part of a new campaign.
The pledge to combat pension scams campaign has been launched by TPR, with support from the Pension Scams Industry Group (PSIG), in a bid to “stop scammers in their tracks”.
The industry will be tasked with educating themselves about emerging scam tactics and how to adopt best practice when it comes to transfer due diligence.
TPR has also launched an online interactive training module outlining the strict processes it expects all trustees and providers to follow to “keep savers safe”.
Nicola Parish, executive director of Frontline Regulation at TPR, said: “Pension scams devastate lives. As the first line of defence for savers, trustees and pension providers have a vital role to play in beating the people behind these despicable crimes.
“Scammers are targeting pension pots big and small and so I call on the industry to do its bit and make the pledge to help prevent people losing a lifetime of savings.”
Guy Opperman, minister for Pensions and Financial Inclusion, said: “With the new measures in the Pension Schemes Bill and this coordinated approach, I am confident that we can stop the callous crooks who rob people of their retirement savings.
“I would encourage all pension providers, trustees and administrators to pledge their commitment to this campaign and help do their bit to crack down on pension scams.”
He added: “This initiative will also give these industry leaders a chance to step up ahead of the legislative protections outlined in the Bill.”
Mark Steward, executive director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA), said: “Pension scammers can destroy a lifetime of saving for a comfortable retirement, so preventing scammers succeeding in the first place is the way to go.
“Pension trustees and providers can play their part in helping savers to be ScamSmart by signing up to the pension scam pledge, ensuring they know the warning signs of a customer who’s being scammed, and carrying out appropriate due diligence on pension transfer requests.”