LPFA and LPPA reaffirm commitment to combatting pension scams
The London Pensions Fund Authority (LPFA), a Local Government Pension Scheme (LGPS) Administering Authority overseeing an £8 billion Fund with over 100,000 members, and its administration partner, Local Pensions Partnership Administration (LPPA) has reaffirmed its commitment to protecting its members' retirement savings by committing to The Pensions Regulator (TPR)'s pledge to combat pension scams.
The TPR pledge establishes clear expectations for the pensions industry, encouraging trustees, providers, and administrators to actively demonstrate their commitment to safeguarding members from the devastating impact of pension scams. Developed by the Pension Scams Industry Group (PSIG), the pledge reflects the core principles of PSIG’s Code of Good Practice. Signatories must:
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Proactively raise awareness of pension scams among scheme members and beneficiaries.
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Implement robust, proportionate, regulatory and legislatively compliant processes for assessing whether a receiving scheme may be operating as part of a pension scam and effectively responding to any identified risks.
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Maintain a general awareness of the known current strategies employed by perpetrators of pension scams to inform their due diligence, and to actively refer to the warning flags highlighted in TPR’s Guidance, Financial Conduct Authority (FCA) alerts, and reports from Action Fraud.
Mark Anderson, LPFA Director of Compliance and Risk, commented, “I am delighted to repledge the LPFA to TPR’s anti-scams initiative. The protection of our Fund members’ hard-earned retirement savings is paramount.”
Janet Morville-Smith, LPPA Head of Risk & Compliance added, “As LPFA’s long-standing administration partner, our commitment to safeguarding members’ futures is unwavering. LPPA first made its pledge to combat pension scams back in 2021. Our continued support for the TPR pledge alongside LPFA reflects our ongoing dedication to maintaining robust administrative processes and due diligence checks, ensuring the highest level of protection against pension scams for the members we serve.”
Mark Anderson concluded, “LPPA continue to meet the standards set by the Pension Scams Action Group through robust processes and this remains a key aspect of our joint commitment. Both LPFA and LPPA are committed to protecting our members.”