1 March 2015
by The Industry Group

Guide: Combating pension scams; A code of good practice

This code of practice has been developed to help with member requests for transfers from a UK registered pension scheme to another registered pension scheme.

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The Code covers:

• Standard Information/evidence required by the transferring scheme to enable a transfer to proceed with reasonable assurance that it would not result in a pension scam.

• Guidance on reasonable steps to take to minimise delay and provide reassurance to all parties.

• A set of example letters.

• Standard information provided to and requested from members and other parties, including ways to raise member awareness of pension scams.

• Additional information to consider when dealing with transfers to a Self-Invested Personal Pension (SIPP), Small Self-Administered Scheme (SSAS) or QROPS.

• The steps for reporting suspicious cases.

  • A guide to help trustees and providers to identify some “red flags” which may indicate the need for greater scrutiny.

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