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ARTICLE · 16 MAY 2021

The Pensions Brief: April 2021

Mayer Brown
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The Pension Scams Industry Group has published version 2.2 of its code of good practice on combating pension scams. The revised version, which is effective from 1 April, includes a summary of changes since version 2.1 which was published in June 2019.

United KingdomEmployment and HR
Giles Bywater
Giles Bywater
Katherine Carter
Katherine Carter
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ISSUES AFFECTING ALL SCHEMES

Pension scams – revised code

The Pension Scams Industry Group has published version 2.2 of its code of good practice on combating pension scams. The revised version, which is effective from 1 April, includes a summary of changes since version 2.1 which was published in June 2019. The changes include:

  • A new example letter warning a member who is thinking of transferring their defined benefits to a DC arrangement of the risks of doing so.
  • A recommendation for schemes to consider using the telephone to better engage with members during the due diligence process.
  • A requirement for all transfers of concern to be reported to the relevant agencies rather than just transfers which are refused.

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