Issue - meetings

Information on Pension Scams

Meeting: 12/07/2022 - Warwickshire Local Pension Board (Item 6)

6 Information on Pension Scams pdf icon PDF 247 KB


The item was introduced by Vicky Jenks, who explained the Fund had processes in place to protect members from falling victim to scams. They primarily focused on members not currently contributing to the scheme, who might be subject to scam inducements to transfer out to a different scheme. Information on combatting scams had been issued by the DWP and the Pensions Regulator, and this had been incorporated into the Warwickshire Pension Fund’s guidance.

The Chair asked if any Fund officers had been approached by someone pretending to be a pensioner. He said a friend of his had had his email account hacked and ‘scam’ emails had been sent to those on his contact list purporting to come from him. Vicky Jenks said member signatures were required to authorise the release of information, so when requests were made paperwork would be sent out in the post for the pensioner to sign. She said it was the Fund’s policy to only send information directly to the member and not to any third parties, including financial advisors. She said the Fund was aware of a pension company that was transferring scanned versions of signatures on pension transfer forms.

Members said the information was clear and easy to understand and noted the contents of the report.