There are an increased number of counterfeit cheques being produced, say Teachers’ Pensions. These fraudulent cheques are manufactured or printed on non-bank paper but look almost identical to genuine cheques.
Teachers’ Pensions have controls in place with their banking partner and are confident that member data and payments will not be compromised as a result of this activity. They do however ask members to remain vigilant when receiving cheque payments.
Removing cheques as a payment method is the most effective way to tackle this problem, as it eliminates the potential for members of the public to become victims of this fraud. Teachers’ Pensions therefore strongly recommend that any members receiving payments from them via cheque urgently make arrangements to change this.
Members can instead have their pension paid directly into their bank account via BACS, which has several benefits in addition to eliminating the risk of cheque fraud. Funds are available on the day of receipt, removing problems caused by postal delays. Furthermore, BACS is more secure than sending cheques in the post.
The simplest way to arrange for your pension payments to be made in this way is to use My Pension Online (MPO), Teachers’ Pensions’ secure member area. Members with an MPO account should sign in today and complete the form available via their dashboard.
Members who do not have an account are recommended to sign up. This takes a matter of minutes and provides access to services including viewing payslips and P60s and updating personal details.
Registration can be completed here and only requires your Teachers’ Pensions Reference Number (also called DfE number), your National Insurance number and a valid email address.
Members with concerns about counterfeit cheques can contact Teachers’ Pensions on 0845 606 6166.