The Pension Scams Industry Group (PSIG) has relaunched with an updated identity, future strategy, and digital presence.

The organisation said the relaunch marked a significant step in its evolution, as it looked to reflect the changing nature of pension scams and the need for a coordinated and sustainable industry approach.

In 2024, PSIG launched a consultation to determine the future of the organisation, which found strong support for its continued role in the industry while emphasising the need for the body to develop a more sustainable model.

Since receiving industry feedback, PSIG has looked to strengthen its foundations by adopting a more sustainable framework to support its future role and impact across the pensions sector.

This framework includes a new supporter model, which will reduce reliance on privately funded volunteer support and invite contributions from organisations that support PSIG’s aim of protecting pension scheme members and improving industry collaboration.

In its consultation response in late 2024, PSIG said that while feedback had been encouraging, it was disappointed that the industry was not ready to help fund its operation.

PSIG also plans to adopt an updated Code of Good Practice, with publication of the code expected in October, subject to the timing of the Department for Work and Pensions’ changes to pension transfer regulations.

The code will provide updated guidance for organisations working to prevent pension scams and support the promotion of greater consistency in identifying and responding to emerging risks across the sector.

PSIG added that it will continue to contribute to The Pensions Regulator’s Pension Scams Industry Group and will expand its focus on emerging scam risks, industry research and sharing good practice.

“Pension fraud continues to have a devastating impact on savers, with criminals constantly adapting their tactics to exploit vulnerabilities and undermine confidence in retirement provision,” commented PSIG chair, Margaret Snowdon.

“PSIG was established to help the industry respond to this challenge, and our purpose remains as important today as it was when we began.

“This relaunch represents an important stage in PSIG’s development. It reflects the strength of the organisation’s work to date, while ensuring we have the structure, resources and tools needed to support the industry in the years ahead.

“The updated Code of Good Practice will be central to this, providing practical guidance and helping organisations across the sector maintain high standards in protecting savers.

“Protecting retirement savings requires ongoing collaboration, shared knowledge and a willingness to respond to new threats as they emerge.

“Our ambition is to continue bringing the industry together, supporting good practice and helping create a pensions system where savers can have greater confidence that their money is protected.”

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