Protect your workforce against pension scams
Pension scams are on the rise
No-one is immune from pension scams. The next victim could be any one of your colleagues.
Pension scammers can be highly persuasive, using sophisticated methods to strip honest workers of their pension savings and retirement plans. And once that money is gone, it’s almost impossible to get back, even if the scammer is caught and prosecuted.
However, the pensions industry is taking decisive action to raise awareness of pension scams and combat these fraudsters. First Actuarial actively supports these initiatives.
How does First Actuarial help combat pension scams?
We actively adopt anti-scam initiatives
In recent years, we’ve supported anti-scam initiatives promoted by industry regulators. We are a signatory of the Pension Scams Industry Group (PSIG) Code of Good Practice, and all our scheme administrators comply with its recommendations.
Our processes give members maximum protection
Pension transfers are the frontline of attack for pension scammers. In line with 2021 transfer regulations, we have strengthened our robust processes with thorough due diligence checks, making sure all transfers meet strict criteria.
We embed scam awareness in all member documentation
We include clear scam warnings and information in our member communications, in particular transfer documents and annual benefit statements. Where schemes offer member websites or portals, we recommend that they include clear warnings against pension scams.
We provide up-to-date guidance and training to our staff
First Actuarial’s technical team analyses all pensions legislation and guidance. When new requirements are introduced, they make everyone aware of the changes and provide relevant and timely staff training.
We deliver financial awareness programmes
In partnership with employers and scheme trustees, we run workplace programmes to develop financial literacy. Together, we give people the skills to make independent decisions about their money.
Watch our video to help combat pension scams
The best way to protect employees against the risk of pension scams is to equip them with knowledge on how to spot scammers.
Watch our video for up-to-date information on scams that you can share across your workforce, including:
- Warning signs of a scam – free pension reviews and other ‘too good to be true’ offers
- How scammers approach potential victims – sophisticated tactics used to rob people of their retirement savings
- How to protect yourself against a scam – including warning signs you can check.
Explore more resources about combating pension scams
In this RMT News article, First Actuarial’s Carolyn Stanton explains what pension scams are and how scheme members can protect their benefits.
First Actuarial’s pledge to combat pension scams
First Actuarial has signed up to the Pension Scams Industry Group Code of Good Practice. In this article, we explain what this means for members.
First Briefing – New transfer regulations
This briefing explains new regulations that set out when statutory pension transfers can and cannot take place.
New pension transfer regulations: the power to say ‘no’
In this article, First Actuarial’s Richard Packham describes the new powers that trustees and administrators now have to block fraudulent transfers.
FAQs – First Actuarial’s new approach to settling pension transfer values
A list of frequently asked questions to help trustees understand the processes we’ve put in place to protect members against fraudulent transfers.
10 ways to improve communications with pension scheme members
A well-informed member is less likely to be scammed. In this article, we outline the changes we’ve made to improve communications with members.
Without a shadow of a doubt, people now have a better understanding of finance and their pensions. After attending a webinar or a one-to-one, people are much better informed. First Actuarial provides guidance that we wouldn’t be able to give. They’re experts in their field.
– Julie Cridland, Employee Experience Lead, Aster Group
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Download our financial wellbeing brochure.