PSIG relaunches with new identity focus

The Pension Scams Industry Group (PSIG) has taken a significant step in its evolution by relaunching with a refreshed identity, updated mission statement, and a new digital presence. Originally established in 2014, PSIG aims to protect pension savers from fraud and deception, adapting to the shifting landscape of pension scams. This relaunch follows the 2024 industry consultation titled Evolution or Extinction, which underscored the need for a more resilient organisation that can effectively tackle emerging threats.

Building on the support it received, PSIG has strengthened its foundations by implementing a sustainable framework designed to enhance its future role within the pensions industry. This includes a new supporter model that encourages contributions from more organisations, moving away from a reliance on privately funded volunteer support.

A crucial element of the next phase for PSIG involves an updated Code of Good Practice, which is set to be published in October. This updated Code aims to provide fresh guidance for organisations working to prevent pension scams, promoting a unified approach in identifying and addressing emerging risks throughout the sector.

PSIG Chair Margaret Snowdon emphasised the continued relevance of the organisation's mission, stating that “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." Snowdon further added, "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."

She also highlighted the importance of collaboration in safeguarding retirement savings, noting, “Protecting retirement savings requires ongoing collaboration, shared knowledge and a willingness to respond to new threats as they emerge."

Moving forward, PSIG will maintain its prominent role in the TPR-led Pension Scams Action Group while broadening its focus on emerging scam risks, conducting industry research, and facilitating the sharing of good practices. Further details regarding PSIG's updated mission statement and impact framework can be found on its newly launched website.