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.
Trustees should have the ability to pause suspected scam transfers, respondents agreed in a Professional Pensions poll.
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.
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.
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.
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.
The Pensions Regulator (TPR) is carrying out seven criminal investigations into potential scams with indicative losses to savers' pensions of around £55m, The Pensions Regulator (TPR) has revealed.
Margaret Snowdon says the industry remains handicapped, regardless of multiple layers of protection adopted on a voluntary basis