Pension scams

The government and the industry "need to work in partnership" to enable savers to take control of their future, pensions and financial inclusion minister Guy Opperman has said.

A ban on pensions cold-calling will be in place before the start of the next decade, a Treasury minister has told the Work and Pensions Committee (WPC).

Cases of suspected scams are the most common reason for The Pensions Regulator (TPR) using its section 72 power to demand information from companies or pension schemes.

The Pensions Regulator (TPR) has banned three people from serving as pension trustees after around £9m was suspected of being scammed from 346 savers.

The frequency of potential scams in transfer requests declined three percentage points compared to last year, according to Xafinity.

The industry does not believe the government's proposed cold calling ban will impact on providers' confidence to contact members about the importance of savings.

The government's proposals to clamp down on pensions cold calling are still lacking in detail and it needs to be much clearer about how they will be introduced, says the industry.

The government has announced it will press ahead with "tough" measures to protect pension savers as figures reveal almost £5m was lost to scammers between January and May this year.

A former independent financial adviser (IFA) has been jailed for six years after embezzling more than £1m of pension scheme funds to fund his "lavish lifestyle".

The government's plans to ban pensions cold calling could be subject to further delays amid speculation that yet another consultation is on the cards.