Pension scams

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.