Pension scams

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).

With the law not adequately protecting savers from scams, the pensions industry must be more direct with members about the risks of transfers, says Margaret Snowdon.

More than 8,000 investment fraud reports have been made so far this year, more than double the amount in the same period last year, a Freedom of Information request has revealed.

Five million pension savers could be putting their retirement pots at risk to scammers, The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) warn as part of their latest ScamSmart campaign.

While Amber Rudd will remain in her job as secretary of state for work and pensions, the rest of Boris Johnson's cabinet has experienced a major shake-up.

There has been a significant increase in the number of 'red flags' reported on pension transfers in the last 12 months by the XPS Pensions Group, which it said leaves millions of pounds at risk.

The Pension Scams Industry Group (PSIG) has updated its voluntary code of practice to reflect regulatory and legislative changes that have affected the industry over the last year.

Trustees fear their members are not equipped to deal with the risks they face when accessing their pension and worry those nearing retirement will face predatory attention from scammers, research by Wealth at Work reveals.

The Financial Conduct Authority (FCA) has set priorities for the coming year for its joint action with The Pensions Regulator (TPR), including reviewing whether pension schemes are providing sound information to consumers.