The Pension Scams Industry Group is relaunching with an updated mission statement and website, while pivoting its supporter model more towards organisations. A revised code of good practice is planned for this autumn.  

The relaunch follows PSIG’s 2024 industry consultation, 'Evolution or extinction', which found strong support for the volunteer group but also identified a need for a more sustainable financing model. 

PSIG has put in place a new supporter structure that invites contributions from organisations that share the commitment to protecting pension savers and strengthening industry collaboration, rather than relying on privately funded volunteer support. The new model is tiered into bronze, silver and gold levels, with suggested contributions of £500, £1,000 and £3,000 a year, respectively.

“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. The updated Code of Good Practice will be central to this, providing practical guidance and helping organisations across the sector maintain high standards in protecting savers," said PSIG chair Margaret Snowdon.  

The group is planning to publish an updated version of its code of good practice in October – although the exact timing will depend on the government publishing the revised transfer regulations on which it is currently consulting.  

PSIG will continue on the Pensions Regulator-led Pension Scams Action Group and plans to focus on emerging scam risks, industry research and sharing good practice across the sector.

“Protecting retirement savings requires ongoing collaboration, shared knowledge and a willingness to respond to new threats as they emerge. Our ambition is to continue bringing the industry together, supporting good practice and helping create a pensions system where savers can have greater confidence that their money is protected,” said Snowdon.