Call us on 020 7112 8300
Call me back Get in touch

Pension Scams: Protecting Pension Savers

Last updated: Tuesday August 10th 2021

Old age is a vulnerable phase of life for everyone, and organisations find it a big challenge to cater to the needs of their old members. People spend years to save money for their old age and spend it peacefully, and companies fully support their employees, but is it just rainbows and unicorns for the pension schemes? With the good comes the bad! Pension schemes are also a way of illegal activities and fraudsters are coming up with different ways of stealing pension funds from schemes.

Here at Assure UK, fraud is one of, if not the biggest focus area we take into every audit. We hold a Planning Meeting with the Trustee/Scheme Accountant before the audit commences and there is detailed discussion on the fraud and risk discussion to identify and tackle any issues as soon as they arise so nobody’s pension is at risk. We are GDPR compliant, and we have several digital platforms we use to ensure these measures are met and the Trustees and Scheme Administrators are satisfied.

When the information is provided to us from the Administrator, we perform quality testing on the full year including post year bank statements for any unusual or large transaction to ensure they are legit and required documentation is required to support the given transaction.

Assure UK have an outstanding electronic signature platform which is used to sign accounts and during these current circumstances, this is an outstanding way to reduce the tension and risk involved when it comes to signing off accounts. We require email address and names of the relevant personnel signing the accounts and their direct confirmation that they are happy to proceed with the signing.

All these brilliant measures that are in place ensure that our Pension Savers that we audit are in the safest hands and every penny that is saved and contributed by them is received when they retire.

If you want to reduce the risk of fraud and be certain of your Pensioners’ saving to the max with minimal risk, please call us on 020 7112 8300 or email us on info@assureuk.co.uk for a FREE desktop review and we will be more than happy to help.