Pension companies must be given the power to trigger an “urgent regulatory response” to savers at risk of fraud, while regulators should be able to override the right to transfer, The People’s Pension and The Police Foundation have said.
RSM has unveiled its annual scheme survey, revealing the actions trustees are taking to protect members from fraud. Kim Kaveh looks at the findings.
An accountant who acted as a trustee and administrator to pension schemes has pleaded guilty to five counts of fraud and two counts of making employer-related investments.
Six people have been questioned by police as part of a joint operation with The Pensions Regulator (TPR) investigating a suspected pension fraud.
Pension-related cold calls have increased by around 2.7 million since Freedom and Choice was introduced in April 2015, according to research commissioned by Aviva.
The Pension Protection Fund (PPF) has raised the fraud compensation levy for the first time since 2012 as it prepares for an expected swell in claims.
Hackers are "ahead in the game" when it comes to bypassing cyber-security and trustees must do more to protect members says RSM's Elisabeth Storey.
While schemes are aware of pension liberation the issue of facility takeover fraud also needs attention says Rob Saville.
Citizens Advice research reveals people risk being scammed as fraudsters take advantage of flexibilities, writes PP.
More than one third of pension schemes experienced fraud this year as risks to members were increased by the introduction of the April freedoms, according to research by RSM.