The Pension Scams Action Group (PSAG) is a multi-agency taskforce of law enforcement, government and industry working together to tackle pension fraud.
Who PSAG are
PSAG core members include:
- Department for Work and Pensions
- Financial Conduct Authority
- His Majesty’s Treasury
- Money and Pensions Service
- National Economic Crime Centre
- Pension Scams Industry Group
- The Pensions Regulator
PSAG also includes wider members who support its activity.
What PSAG does
PSAG co-ordinates and targets efforts to combat pension scams and fraud through education, prevention and enforcement. Together, the group protects pension savers by:
- improving public awareness of pension scams
- understanding the problem; enhancing the intelligence picture to support and inform effective policy making
- enforcement and regulatory interventions; sharing intelligence leading to enforcement and disruption activity
- legislation and regulations; identifying what actions should be taken forward by government and others to prevent future pension scams
- non-legislative interventions; including ‘good practice’ that can reduce the likelihood of pension scams without the need for legislation
- victim support; to minimise the impact scams have
How PSAG works
Working in partnership with agencies and the industry is central to PSAG’s strategy. This enables PSAG to develop a national intelligence picture of investment fraud including pension scams, and take decisive, cost-effective action. This includes TPR working with the National Economic Crime Centre and City of London Police.
PSAG successes
In recent years PSAG has been at the forefront of efforts to stop scammers in their tracks and prevent savers from falling victim. PSAG has brought together expertise, tools, intelligence and gateways to prevent, disrupt and enforce against scams.
Legislation changes
- Increased powers to stop fraudulent transfers, under the Pension Schemes Act 2021. Pension trustees now have powers to prevent transfers if they see signs of a scam. Savers are now required to take advice, potentially protecting thousands of people from scammers.
- Secured a ban on pensions cold calling that came into force in 2019.
Law enforcement
- High-profile prosecutions have helped send scammers the message that PSAG members will take tough action to stop their criminal enterprises. For example, in 2022, following a TPR prosecution, two fraudsters were jailed for more than 10 years in total for their part in the £13 million pension scam. The independent trustees appointed to the schemes have received initial compensation payments of £13.2 million from the Fraud Compensation Fund.
Public awareness
- Instigated and supported large-scale public awareness campaigns, such as ScamSmart and Stop! Think Fraud, to warn savers of offers that are potential pension scams.
Industry best practice
- Encouraged industry to report scams and suspicions of scams.
- PSAG supports TPR's Pledge campaign, which has seen more than 700 schemes sign up to or self-certify they are taking action to protect savers. Encouraged industry to report scams and suspicions of scams.