LPFA joins the Pension Scams Industry Forum (PSIF)
LPFA is pleased to announce that we have joined the Pension Scam Industry Forum (PSIF) in an effort to share knowledge and best practice across the industry by discussing pension scam and liberation developments and threats, with the overall aim being to safeguard our members’ pension savings.
Joining the PSIF is not the only action we have taken to help tackle the problem. We have also signed The Pensions Regulator’s pledge to combat scams earlier this year (April 2021), making commitment to raise awareness of the issue and educate our members.
Since then, together with our delegated pensions administrator, Local Pensions Partnership Administration (LPPA), we have followed a Code of Good Practice set by the Pension Scams Industry Group (PSIG) which includes the following:
- Regularly communicating the risk of scams with members.
- Encouraging members looking to access drawdown to contact the Pensions Advisory Service for impartial guidance.
- Getting to know the warning signs of a scam and good practice for transfers.
- Taking appropriate due diligence measures for transfers and document all procedures.
- Clearly communicating concerns to members if high-risk transfers must be paid.
- Reporting any concerns about a scam to the authorities and inform the member.
Helen Astle, our Chief Legal and Compliance Officer said: “Preventing pension scams is one of the key responsibilities for us as a Fund and we will do our absolute best to protect the pension savings of our members. Joining the PSIF and singing to TPR’s pledge is one way to achieve this and we will make every effort to minimise the risk to our members’ pension benefits.”
Note to Editors
Contacts:
Tannaz Rastegar: 0204 566 6529, tannaz.rastegar@lpfa.org.uk
About the LPFA
The LPFA is a defined-benefit Local Government Pension Scheme (LGPS) with over 90,000 members, 135 contributing employers and, as at 31 March 2021, £6.8 billion of assets under management. LPFA and Lancashire County Council are each 50% shareholders of the Local Pensions Partnership Ltd (LPP), a pensions service provider for LGPS and other public sector pension funds. The LPFA’s investment assets are pooled via LPP together with those of the Lancashire County Pension Fund and the Royal County of Berkshire Pension Fund.
Please note:
This press release has been prepared to inform the external media of certain information regarding London Pensions Fund Authority (LPFA), the Local Pensions Partnership Ltd (LPP) and its subsidiaries, Local Pensions Partnership Investments Ltd (LPPI) and Local Pensions Partnership Administration Ltd (LPPA), subject to the following disclaimer.
LPFA does not provide advice on legal, taxation or investment matters and no statements information or data published by or otherwise made available to the public by the LPFA whether directly or indirectly and in any form (including written, oral or electronic/digital) should be relied upon for any purpose including (but not limited to) investment decisions. No other person or entity may rely or make decisions based on the content of this press release, whether they receive it with or without LPFA’s consent, and this disclaimer is repeated fully in respect of any such third party. This press release may contain ‘forward-looking statements’ with respect to certain plans and current goals and expectations relating to LPFA’s future financial condition, performance results, strategic initiatives and objectives. By their nature, all forward-looking statements are inherently predictive and speculative and involve known and unknown risk and uncertainty because they relate to future events and circumstances which are beyond LPFA’s control. Any projections or opinions expressed are current as of the date hereof only and subject to this disclaimer. Without limitation to the aforesaid, this press release and its contents is provided ‘as is’ without any representation or warranty (express or implied), and no member of the LPFA nor any of their respective directors, officers and employees shall be held liable howsoever to any person or entity, as to the appropriateness, accuracy or completeness of the information provided herein.