Source · Select Committees · Work and Pensions Committee
Recommendation 12
12
Accepted
Paragraph: 47
We welcome the fact that the Pensions Regulator is supporting efforts to encourage the pensions...
Recommendation
We welcome the fact that the Pensions Regulator is supporting efforts to encourage the pensions industry to share information about pension scams through its pledge to combat pension scams campaign, which was launched in November 2020. We would like to see all of the pensions industry sign the pledge. We recommend that Project Bloom should actively encourage the pensions industry to sign up to the pledge. The Pensions Regulator should monitor and report twice annually to this Committee on the effectiveness of its pledge to combat pension scams.
Government response summary AI-generated
The government agrees with the recommendation for Project Bloom to encourage pledge sign-ups and for TPR to monitor and report, stating that this will form part of the Department for Work and Pension’s plan to review the policy.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
47
Government Response
Accepted
HM Government · verbatim extract
Accepted
The Pensions Regulator (TPR) launched the industry-focused Pledge campaign, working closely with the Pension Scams Industry Group (PSIG) in November 2020. It encourages industry to make a public pledge to combat pension scams and to adopt the recently updated PSIG Code of Good Practice in Combatting Pension Scams. The Pledge campaign gives the industry the tools they need to comply with the PSIG code, which is voluntary - but ultimately, we would support the code becoming a statutory requirement, resulting in even stronger protection for savers. So far, more than 240 organisations have pledged or self-certified they meet the principles of the pledge. We continue to monitor the number of sign ups and TPR is continuing to promote the campaign. For example, in March, TPR hosted a webinar for more than 500 trustees and providers. A recording of the webinar is already available on its website and will be shared through their regular industry communications. TPR have also increased its paid digital activity, emails, stakeholder engagement and organic social media posts. TPR is actively working with the industry to support them to make the pledge and continues to meet regularly with those wanting to improve their anti-scams processes. TPR have assured us that, if required, it can continue to provide results of the campaign to the Committee. Its next burst of paid for activity is scheduled for September.
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