Pensions Minister, Guy Opperman, has written to around 90 pension schemes, stating that they must begin sharing data with the Pension Scams Industry Group (PSIG) in an effort to create a clearer picture of the scale of the issue of pension scams.

Opperman said that greater data sharing, alongside the improved pension transfer rules in the Pension Schemes Act, which are expected to come into force from the autumn, will ensure savers are better protected from “unscrupulous scammers”.

The minister had previously outlined his intention to write to around 150 schemes in relation to this issue at a Work and Pensions Committee (WPC) session, confirming today (11 March) that that PSIG has seen a “steady stream of new applications to join” following this.

However, around 90 large schemes are still not sharing data with the group, which the Department for Work and Pensions stated was “weakening” Project Bloom’s ability to tackle scams.

In the letter, Opperman stated that it is “imperative” that schemes work with PSIG in order to share their data with wider Project Bloom partners, and clarifying that if they are not able to help, he would “very much like to understand why”.

Opperman stated: “Today I am calling on all pension scheme trustees to support us in the fight against the callous criminals stealing savers’ pension pots.

“While the measures contained in the Pension Schemes Act are a significant step forward, we need government, the individual and industry to tackle this together.

“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.”

PSIG chair, Margaret Snowdon, added: “PSIG currently has 51 organisations participating in its industry forum, where we share information on potential scams.

“This helps us to protect members, but also means we can benefit from each other’s experience and spot trends early.

“However, we need more schemes to be a part of it – schemes wanting to join can do so directly or by asking their administrator to join our forum.”

Industry experts have previously emphasised the importance of data sharing in combating the issue of pension scams, with The Police Foundation saying that intelligence needs to be shared to ensure a clearer picture of what is happening, and to consider what action is needed in future.

The minister's letter also follows a call for economic harm to be included in the government’s upcoming Online Safety Bill from WPC chair, Stephen Timms, in an effort to further protect members against scams.

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