There have been five scheme names added to the list, and none removed. One amendment has been cited in this update.
A very welcome change is that HMRC now lists the updates, as follows.
Schemes added
Australia
JM Super Fund Trustee for JAL Super Fund Wandering Barnes Superannuation Fund
Isle of Man
Fish Singer SIPP Gullan Personal Pension Scheme
Schemes amended
Netherlands
Alimentiv B.V. by Brand New Day (previously Robarts Clinical Trials B.V. by Brand New Day)
An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
The requirements to be a ROPS changed from 6 April 2017 - find out about the changes for ROPS requirements.
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Guy Opperman urges pension schemes to begin sharing scam data 17 March 2021
Pensions Minister, Guy Opperman, has called on pension schemes to do their bit in attempting to stop the scammers who are intent on stealing the savings that people have put away for retirement.
A news story, published by the Department for Work and Pensions (DWP) confirmed that Mr. Opperman has contacted approximately 90 different schemes, by letter, to inform them that they must begin sharing scam data with the Pension Scams Industry Group (PSIG) so that there is a more accurate representation of the scale of the issue.
Currently, not all pension schemes share data with the PSIG, however, information that is collected is used by Project Bloom, which focuses on preventing pension scams and fraud.
It is hoped that greater data sharing, along with enhanced pension transfer rules included within the Pension Schemes Act, will mean that those who are saving for their retirement are further protected from scams.
Guy Opperman said:
“Today I am calling on all pension scheme trustees to support us in the fight against the callous criminals stealing savers’ pension pots. While the measures contained in the Pension Schemes Act are a significant step forward, we need government, the individual and industry to tackle this together.
Pension schemes have a professional, ethical and moral duty to try and prevent their members being ripped off, and better data-sharing is a vital first step.”
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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