WPC

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.