The pensions minister has urged schemes to share scam data with the Pension Scams Industry Group to help crack down on scams.
Guy Opperman has written to around 90 schemes asking for their support in “the fight against the criminals stealing the retirement savings of pension savers”.
When he appeared before the work and pensions select committee in January, Opperman revealed there were 50 pension organisations taking part in a PSIG data-sharing project.
Since then, the industry group has been receiving a steady stream of new applications but “around 90 large schemes still do not data-share, weakening Project Bloom’s ability to tackle scams,” the Department for Work and Pensions stated.
Opperman said in the letter: “It is imperative that you work with the PSIG in order to share your data with wider Project Bloom partners, to help us stop pension scams altogether.
“If you are not able to help, I would very much like to understand why.”
Opperman noted that despite the introduction of new regulations to empower trustees in the fight against pension scams being “a significant step forward”, there is a need for the issue to be tackled together by government, the individual and industry.
He said: “Pension schemes have a professional, ethical and moral duty to try and prevent their members being ripped off, and better data-sharing is a vital first step.”
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