Corners were cut in the 2015 introduction of pension freedoms which have left pension savers vulnerable and suffering, according to Work and Pensions Committee (WPC) chairman Stephen Timms.
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.
The number of savers using information or guidance services such as Pension Wise is barely higher than three years ago despite efforts to promote the benefits, the Financial Conduct Authority (FCA) says.
A proposal to ensure savers receive a Pension Wise appointment prior to accessing their retirement pot has received cross-party support in parliament, while Labour seeks net-zero pensions by 2050.
This week’s top stories included the Marks and Spencer Pension Scheme completing two buy-ins, while the Work and Pensions Committee submitted an amendment to the Pension Schemes Bill.
The pensions industry “can’t compete” with the “ingenuity” of scammers until industry jargon is removed and communications are simplified, according to industry experts.
The government should consider handing to a minister the specific responsibility for tackling the growing number of scams across the finance sector, AJ Bell says.
Savers accessing defined contribution (DC) pension pots for the first time rose to an all-time high just before the coronavirus pandemic, Just Group says.
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.
Pensions and financial inclusion minister Guy Opperman has confirmed a cross-sector working group to address the problems caused by small pension pots.
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
The formal establishment of the All-Party Parliamentary Group (APPG) on Pension Scams has been welcomed by Work and Pensions Committee (WPC) chairman Stephen Timms.
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.
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.
The Work and Pensions Committee (WPC) is hoping victims of pension fraud will respond to the call for input ahead of its much-anticipated inquiry reviewing the impact of the introduction of pension freedoms five years on.
Complaints filed with ActionFraud show a total of £30.8m has been lost to pension scammers in the last three years, say The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA).
The Pensions Regulator (TPR) chief executive Charles Counsell has written to Work and Pensions Committee (WPC) chairman Stephen Timms responding to questions over how the watchdog handled issues around the Norton Motorcycles pension schemes.
Former Work and Pensions Committee (WPC) chairman Frank Field, 30% Club founder Dame Helena Morrissey, and Union Pension Services director Bryn Davies have been nominated for life peerages.
The Work and Pensions Committee (WPC) has asked the industry for “workable solutions” to address the problem of problem of proliferating small pension pots.
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.
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.
The Pensions Ombudsman (TPO) has ordered a former owner of Norton Motorcycles to pay back £14m of pension fund monies that he had invested in the struggling sponsor.
The Pensions Regulator (TPR) must be “alert” to the risk of unscrupulous employers taking advantage of Covid-19 flexibilities, the Work and Pensions Committee (WPC) says.
Pensions and financial inclusion minister Guy Opperman has warned schemes who do not have their data organised to the standard required for the pensions dashboard will face “draconian penalties.”