An update from the Plan on pension scams
As part of the Trustees’ continued commitment to help protect Scheme members against pension scams, we’ve signed up to The Pension Regulator’s pledge to combat pension scams alongside XPS (our Scheme administrator).
The Trustee and XPS will continue to do all we can to provide you with support and information to help you stay scam smart. For a reminder on how to spot pension scams and keep your benefits safe, you can read our ‘Are you scam smart?’ news article.
Reading our article is a great first step to making sure you’re aware of pension scams but to make sure you’re keeping your benefits as safe as possible, it’s best to regularly brush up on your knowledge and make sure you’re alert to scam warning signs and warning lists.
You can find out more information about pension scams on the Financial Conduct Authority’s ScamSmart website.
To test your scams knowledge, you can even take a short quiz!
About the pledge to combat pension scams
Recently, The Pension Regulator has encouraged pension trustees, administrators and providers to sign up to their pledge to combat pension scams in an effort to minimise the number of pension scheme members who are falling victim to scams.
In signing up to this pledge, the Scheme has shown it is committed to:
- Regularly warning members about scams
- Encouraging members considering taking their pension as cash to get impartial advice
- Completing necessary training to make sure we know the warning signs of scams and best practices when it comes to pension transfers
- Carrying out appropriate checks and measures on pension transfer requests
- Clearly warning members who insist on high-risk transfers being paid
- Reporting concerns about scams to appropriate authorities and our members
If you think you’ve fallen victim to a pension scam, contact Fidelity and any other pension provider that you may have. You should also get in touch with Action Fraud as soon as possible either online or by phone on 0300 123 2040.
For more information on how to keep your pension safe from scammers, visit The Pension Regulator’s website .