The Local Pension Partnership Administration (LPPA) has become the first organisation to join the Pension Scams Industry Group’s (PSIG’s) Pension Scams Industry Forum (PSIF).

This follows the recent launch of The Pension Regulator’s Combat Scams pledge initiative earlier this month, which asked organisations to consider becoming a member of the forum.

The forum is held on a monthly basis to share knowledge of schemes, companies and individuals of concern, and forms a “crucial part” of the work undertaken by PSIG.

PSIF chair, Tommy Burns, commented: “The discussions that we have and the sharing of knowledge, has helped trustees and administrators alike to identify many transfers of concern and has better protected pension scheme members from pension scams.

“We also use the forum to help us identify and track the techniques and approaches of the scammers and how they are evolving. This insight allows us to proactively try and stay one step ahead."

Findings from the forum are also shared with regulators and the police through representation on Project Bloom.

Burns added: “We were very pleased LPPA were so quick to join after the excellent initiative by the regulator and we would encourage more organisations to do the same.

“It is only by continuing to engage in this type of open communication that the industry will be better able to tackle pension scamming.”

Industry experts recently emphasised the need for regulators and pensions businesses to share more data and intelligence to help combat pension scams, with PSIG chair, Margaret Snowdon, highlighting a potential central intelligence platform as “absolutely essential”.

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