Margaret Snowdon

PASA’s DB transfers code of good practice is asking the industry to commit to delivering faster, safer transfers. Holly Roach reports

With the law not adequately protecting savers from scams, the pensions industry must be more direct with members about the risks of transfers, says Margaret Snowdon.

The data the industry holds is not yet good enough for the pensions dashboard, industry experts say.

More than 8,000 investment fraud reports have been made so far this year, more than double the amount in the same period last year, a Freedom of Information request has revealed.

More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.

Margaret Snowdon says the industry remains handicapped, regardless of multiple layers of protection adopted on a voluntary basis

The Pensions Administration Standards Association (PASA) has launched guidance on defined benefit (DB) transfers to help give members better flexibility while retaining their pension benefits.

The Pension Scams Industry Group (PSIG) has updated its voluntary code of practice to reflect regulatory and legislative changes that have affected the industry over the last year.

Margaret Snowdon says while there has been progress on tackling scams, particularly on cold calling, trustees are not out of the woods yet

Pension cold-callers will face tougher sanctions from today as a long-awaited ban poses fines of up to £500,000 for "callous crooks" attempting to scam savers.