WPC

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.