Creative Pension Trust pledges to combat pension scams
Creative Pension Trust, one of the UK’s leading, multi-employer master trust workplace pension providers, has joined the Pensions Regulator’s drive to combat pension scam fraud.
The Pensions Regulator’s initiative invites workplace pension providers, trustees and scheme administrators to sign up to the voluntary pledge, which asks them to take all possible steps to protect their members from the increasing risk of pension scams.
“Pledging to combat pension scams shows your intent to protect your members. It tells your members and the pensions industry that you are committed to stopping scammers in their tracks.”
The Pensions Regulator
What the pledge means
By pledging to take every action possible to protect our members, Creative Pension Trust will:
- Regularly warn members of the risk of scams
- Encourage members requesting cash drawdown to contact The Pensions Advisory Service (which has since merged into the MoneyHelper Service) for free, impartial guidance
- Learn the warning signs of a scam and best practice for transfers by completing the scams module in TPR’s trustee toolkit
- Take appropriate due diligence measures and document pension transfer procedures
- Clearly communicate concerns to members if they insist on high-risk transfers being paid
- Report concerns about a scam to the authorities and communicate this to the scheme member
Members of Creative Pension Trust, which is sponsored by Creative, can find out more about how to identify potential pension scams and fraud in our member Help Centre.