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PSIG welcomes new Work and Pensions Committee report

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The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, has welcomed the latest report from the Work and Pensions Committee – Protecting Pension Savers-5 years on from the pension freedoms: Pension Scams.

PSIG Chair, Margaret Snowdon says: “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.

“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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