It is vital that you regularly remind all scheme members about the risk of pension scams.
We conducted research with the Financial Conduct Authority (FCA) as part of the ongoing ScamSmart campaign. This found that half of pension savers don’t believe they are at risk of being targeted by a pension scammer. But pension scams can happen to anyone and no pot is too small for a scammer.
You can help raise awareness about the risk of pension scams in several ways.
Annual benefit statements
You should send all members the ScamSmart leaflet (PDF, 122kb, 2 pages) with their annual pension statement. This can be a weblink rather than a hard copy.
You should also include details of the FCA ScamSmart website.
Transfer requests
You must carry out certain checks and processes when dealing with pension transfer requests.
You should also:
- send the ScamSmart leaflet (PDF, 122kb, 2 pages) to any member who requests a pension transfer: this can be a weblink rather than a hard copy
- highlight the risks of transferring and provide details of the ScamSmart website in any correspondence with a member
- provide members of defined benefit schemes with a link to FCA information on considering a pension transfer from a defined benefit pension
- issue all defined benefit members requesting a transfer with the letter template (PDF, 2 pages, 114kb) jointly signed by The Pensions Regulator (TPR), the FCA and the Money and Pensions Service
Website messaging
Add scams messaging to your website. Many people will search for information online, so make sure you include scams warnings where you know scheme members or clients will look.
ScamSmart campaign
TPR and the FCA regularly run campaigns to help raise awareness of the risk of pension scams. You can support our campaign, whether that’s through social media, emailing your members or clients, or adding fresh updated content to your website or intranet.
You can find the latest assets on the resources section of the ScamSmart website.