The Pensions Advisory Service has launched a new self-service scam tool which gives information and guidance to those who may be too worried or embarrassed to verbalise their concerns.

In addition, it also provides the industry with a tool to which they can direct savers, helping to disrupt the scammers throughout the process, especially at the point of questionable transfer as timely identification and fast action is critical for protecting people’s pensions.

Commenting on the new tool, TPAS chief executive Michelle Cracknell said: “We are seeing positive signs that consumers are now more aware of pension scams, which is great news, but we must continue to offer consumers opportunities to learn about scams; how they work, the consequences and understand how they can best protect their pension savings.

“The tool we have launched today will go a way to helping those who may initially be too embarrassed or worried to ask for help. It will allow them to self-serve and be given next steps depending on their position, which includes talking to us. We want to give savers every opportunity to disrupt a potential scam and protect their pension from unscrupulous scammers. With the support of Project Bloom and other key organisations, we hope that even more people will be able to access our tool and develop the knowledge and confidence in spotting scams and ultimately protecting their financial future.”

In addition, The Pensions Regulator chief executive Lesley Titcomb said: “Scammers destroy lives so we welcome the launch by TPAS of the new online guidance tool to further help people protect their retirement savings. We won’t let up in the fight against scammers and we continue to lead a taskforce of government, regulators, financial services bodies and criminal justice agencies (Project Bloom) to disrupt and prevent scams.”

The tool and accompanying social media campaign launched today will provide information about the things consumers should look out for to protect themselves from scammers.

The tool can be viewed here.

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