Pension Scams Industry Group

The scam ‘epidemic’ across the pensions industry needs better government intervention in the form of a specifically appointed minister, AJ Bell has reiterated.

The increase in financial scams during the last 12 months has promoted calls from all corners of the pensions industry for better support for savers.

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 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 Transparency Task Force (TTF) has published an open letter to prime minister Boris Johnson asking him to take a personal interest in pension scam problems and push for legislative flexibilities for scam victims.

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

Warnings from pension companies to savers who are looking to transfer their pension somewhere that does not look right are often ignored, says Phoenix Group.

Trustees need to be given the choice to directly refuse pension transfers if the industry is to properly plug the proliferation of scams, the Work and Pensions Committee (WPC) has been told.

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.