NAPF welcomes code of good practice for combating pension scams

NAPF welcomes code of good practice for combating pension scams

The NAPF has welcomed the publication of Combating Pension Scams: A Code of Good Practice.

Graham Vidler, Director of External Affairs, NAPF said “The NAPF is pleased to be part of the Industry Group which wrote the Pension Scams Code of Good Practice, consulting widely with other stakeholders. The Code is a significant development in setting the industry standard for due diligence to help trustees and providers assess information provided and determine the risk of a transfer being a scam. Trustees and providers must use their best judgment in responding to member requests for transfer, balancing statutory requirements and member protection. From today, the Code sets out the principles to follow, together with helpful guidance and example letters to use.”

The combating pension scams code applies from 16 March 2015 and applies to all transfer requests processed on or after that date.

The code will be reviewed and updated on a regular basis to ensure it reflects current risks and good practice. The current version can be downloaded below.

  • The code is voluntary and set an industry standard for dealing with requests by members for transfers from a UK registered pension scheme to another registered pensions scheme or Qualifying Recognised Overseas Pension Scheme (QROPS).
  • The code is not a statutory code.
  • The code does not replace or over-ride existing requirements or guidance issued by regulatory bodies on transfers and pension scams

The code can be found on the industry website Combating Pension Scams.

Categories: News, UK Pensions

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