PLSA says new scams code is crucial step in protecting savers

Today the Pension Scams Industry Group (PSIG) is publishing a new code of practice to help protect pension savers from scams, which have increased and taken on new forms following the pension Freedom and Choice reforms. The Pension and Lifetime Savings Association (PLSA) is a member of the Board of the PSIG and welcomes this code.

Commenting on the code, James Walsh, Policy Lead: Engagement, EU & Regulation, at the Pension and Lifetime Savings Association (PLSA), said: 

“This new code is a crucial step in protecting savers from high risk or fraudulent investments that could lead to them losing their hard-earned pension savings. Since the pension freedoms came into effect, there has been an increase in the number of people being contacted by fraudsters and, with the scammers become increasingly sophisticated, it’s vital that the industry raises its game in response. 

“The code sits alongside the Government’s existing anti-scams measures, such as the ban on cold-calling. However, with PLSA research showing many people struggle to identify a scam, we also want the Government to introduce an authorisation regime for pension schemes to ensure savers can feel reassured that they are speaking to legitimate providers. The PLSA is pleased to host the code on our website.”

NOTES TO EDITORS

The code can be found on the PLSA website here.

The PLSA research on pension scams can be found here: https://www.plsa.co.uk/Press-Centre/Press-Releases/Article/Almost-80-percent-in-favour-of-stronger-checks-to-avoid-pension-scams 

ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION

We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.

Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.

PRESS CONTACTS

Robyn Margetts, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]

Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]