Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pensions, after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.
This week’s top stories included news that buy-in and buyout volumes are set to reach £30-£40bn in 2021, while Pensions Infrastructure Platform owner announced its intention to float on the London Stock Exchange.
Police and regulators need greater resources to tackle the rising threat of pension scams, the Work and Pensions Committee (WPC) has been told, so the industry should also play its part in reporting all suspected scam activity.
Pension scam red flags have reached the highest level recorded, according to research by XPS Pensions.
In the third of a five-part series of articles for PP, pensions minister Guy Opperman sets out how impending legislation will help crackdown on 'crooks' scamming people out of their pensions.
XPS Pensions Group has launched a scam protection checklist to assist trustees in meeting The Pensions Regulator’s (TPR) scam pledge initiative.
Local Pension Partnership Administration (LPPA) has become the latest organisation to join the Pension Scams Industry Group (PSIG) forum.
Pension scams are not just about the money lost, but the lives devastated, says Nicola Parish, so the industry must unite to defeat this scourge.
The Pensions Regulator (TPR) has launched a pledge initiative to encourage trustees to commit to a step up in processes to protect member interests and combat pension scams.
If authorities really want to stop scams, they ought to make it safe for trustees to refuse a transfer that shows red flags, says Margaret Snowdon
Trustees should have the ability to pause suspected scam transfers, respondents agreed in a Professional Pensions poll.
Pension scammers are “slipping through the net” as hundreds of fraud cases each year do not get passed to the police to investigate, according to Quilter.
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.
Law enforcement, financial regulators and the private sector need to do much more and work together to protect savers from fraudsters, says Phil Brown.
Pensions scams will be the key focus in the first part of a Work and Pensions Committee (WPC) inquiry reviewing the impact of the introduction of pension freedoms five years on.
Millions of people are saving for a pension for the first time thanks to AE, but the Covid-19 crisis has posed a communications challenge. James Phillips looks at how to get the long-term nature of pensions across to this new generation of savers.
Work and Pensions Committee (WPC) chairman Stephen Timms will table an amendment to the Pension Schemes Bill to allow schemes to pause transfers when a scam is suspected.
Pension savers are failing to spot the most prevalent signs of scams, including early access and free advice, PensionBee research finds.
Savers should not rush into making rash changes to their pensions, the government has warned as the Covid-19 crisis continues to hit financial markets.
Trustees face increasingly difficult issues around handling suspected pension scams. Matthew Swynnerton looks at how the Pension Schemes Bill might help.
The industry needs more powers to protect savers by stopping scams in their tracks, but a network to share intel can help, says Margaret Snowdon.
The industry is urging the government to prioritise combatting pension scams in 2020, according to research by the Society of Pension Professionals (SPP).
Pension scam victims could lose an average of 22 years of savings in 24 hours, according to research by the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR).