Issue - meetings

Warwickshire Pension Fund - Information on Pension Scams

Meeting: 13/06/2022 - Staff and Pensions Committee (Item 6)

6 Warwickshire Pension Fund - Information on Pension Scams pdf icon PDF 141 KB

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Martin Griffiths (Technical Specialist, Pension Fund Policy and Governance) introduced this report which outlined measures in place to secure the Fund against a rising number of pensions-related scams. These included a red and amber flag system designed to identify potential risks, enabling transfer requests to be refused, if necessary.


In response to Councillor Millar, Martin Griffiths advised that an amber flag provided a signal to the Fund to pause before taking action, prompting investigative work. A red flag signalled a complete stop to prevent the prospect of a member being scammed.


In response to Councillor Hammersley, Martin Griffiths advised that certain transfers out of the Scheme would not be permitted irrespective of whether the member wished to make the transfer or not. These measures were in place to protect members and were consistent with pension scheme practices across the public sector.


Councillor Gifford highlighted that the measures outlined would help to protect employers’ contributions as well as the interests of members of the Scheme. 




That the Committee notes the report.