The Pensions Regulator (TPR) has revealed that a total of 324 schemes have self-certified under its pledge to combat pension scams initiative, while more than 600 schemes have now made the pledge, with an estimated 16 million savers better protected as a result.

In an update to the Work and Pensions Committee, TPR executive director of frontline regulation, Nicola Parish, argued that there has been “real progress” in establishing an industry norm, revealing that almost 60 per cent of Pension Scams Industry Forum (PSIF) members and master trusts have now taken the pledge.

Following on from the initial introduction of the campaign in 2020, Parish confirmed that the regulator is now focusing on the second step of the campaign to encourage schemes who have made the pledge to go further and self certify.

Parish also provided an update on the regulator’s broader work to combat pension scams, stating that building on the work of Project Bloom , which was recently renamed the Pension Scams Action Group, has been an” important priority” for TPR.

As well as highlighting the regulator's recent scams strategy, Parish confirmed that TPR has also been contributing to the Department for Work and Pensions (DWP) review of the 2021 Pension Transfer Regulations.

She stated: “We continue to work with DWP and industry to prevent pension scams, while not unduly restricting legitimate transfers. We have published guidance and educational materials and will keep these under review as legislation develops in this area.”

“We also continue to support Pension Scams Action Group's wider communication strategy, which is led by the Financial Conduct Authority (FCA)," she added.

"A key part of the strategy is the FCA’s ScamSmart campaign, which is an effective tool to reach savers. We actively promote ScamSmart across our own communication channels."

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