Pension Scams Industry Group (PSIG) – Code of Best Practice

On 1 April 2021, the PSIG announced the launch of version 2.2 of its Code of Best Practice – Combatting Pension Scams. PSIG is a voluntary body established to combat pension scams through the publication of good practice in due diligence for trustees, providers and administrators.

In an accompanying press release, PSIG Chair Margaret Snowdon said:

“This version of the Code brings scams prevention and developments up to date, we also expect to produce a further update later in the year when regulations supporting the Pension Schemes Act 2021 (sic). Alongside the new Code, we include a summary of changes since the last version in June 2019, so that readers can clearly see how the world of scams is evolving.

We believe this Code is an important part of the solution to pension scams and the result of a lot of hard work by people and organisations who volunteered their valuable time and energy to review and comment on drafts. I am also grateful once again for the Minister for Pension’s support and foreword.”

The revised code is now divided into five components, including a framework document, practitioner and technical guides, a resources pack, and the summary of changes since version 2.1 of the document (published in June 2019).