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Policy team update
The CIPP’s policy and research teamprovide an update on developments
T he CIPP’s policy team are always striving both to raise the profile of the payroll profession and to educate members and non-members in relation to both current payroll policies and those on the horizon as and when proposed by the government. In order to facilitate this, the team attend a number of meetings, and respond to consultations published by various government bodies. The tail-end of 2020 saw much activity in that space, and the team were involved with several meetings to discuss both current and potential future policies that are impacting, and will impact, the work of payroll professionals.
that has employees working in the EU or European Economic Area (EEA). The same applies if their employer seconds or posts UK employees to work temporarily in an EU or EEA country. Avoiding pension scams The Pensions Regulator (‘the Regulator’) runs a number of campaigns to alert individuals saving for their future to the types of pension scams currently in operation. Unfortunately, the number of scam schemes has increased significantly throughout the pandemic, as unscrupulous criminals attempt to prey on the most vulnerable in such uncertain and turbulent times. What the Regulator is reporting is that it is seeing an increase in savers wishing to transfer their pension due to the instability of their employer or the broader financial markets. The resounding message to savers is to be cautious and vigilant, particularly of scammers who attempt to lure them to what is known as ‘safe havens’. Where savers are enquiring about transferring their pension, the advice is to direct them to the Financial Conduct Authority’s (FCA’s) ScamSmart page (http:// ow.ly/8hin30rp8ox) which offers detailed guidance and gives particular emphasis to pension scams that are in place as a result of the impact of Covid-19. Key pieces of advice for savers are as follows: ● Reject unexpected offers – Where there is an offer of an investment
opportunity that was completely unexpected, it is highly likely that either this relates to a high-risk investment or it is a scam. The scams can come through a variety of communication methods with cold-calls often used; however, a scam could arrive in the form of an email, by
post, or be advertised online. ● Be wary of warning signs –
Unexpected contact, time pressure, social proof, unrealistic returns, false authority, and flattery, are all cited as warning signs of pension scams. ● Check if a firm is FCA-authorised – The majority of financial services firms must be authorised by the FCA, and if they aren’t any pension offers are likely to be scams. Individuals can access the Financial Services Register (http://ow.ly/ RBUr30rp8pW) to establish whether a firm or individual is either authorised or registered. ● Ensure the contact is not from a ‘clone firm’ – This is a frequently used scamming method, in which the scammer company poses as a genuine firm. Use the contact details provided on the FCA’s Register, and not the details provided by the firm. A firm’s details should also be checked with directory enquires or Companies House (http://ow.ly/M7qa30rp8q6) to ensure that they match. ● Check the FCA warning list – Savers should utilise the FCA Warning List (http:// ow.ly/b6iP30rp8qq) to check the risks of a potential investment. There is a reminder, however, that even if a firm is not included on the list, it could potentially still be operating a scam. ● Get impartial advice – Savers are advised to consider seeking financial advice or guidance, prior to investing. The Money
Expat Forum The Expat Forum brings together
professionals who deal with the payment and treatment of expatriates, living and working outside of the UK, and also of those who come from abroad to work within the UK. At the forefront of everyone’s mind is what is going to happen in terms of reciprocal social security agreements between the UK and countries in the European Union (EU). At the time of writing, no formal agreements have been confirmed with EU countries, with the exception of Ireland; Switzerland and the UK have also confirmed that they have made an agreement. Payroll professionals must await further guidance on how to proceed if they process the payroll for a UK employer
...no formal agreements have been confirmed with EU countries, with the exception of Ireland...
| Professional in Payroll, Pensions and Reward | February 2021 | Issue 67 6
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