Trustees lack confidence the new regime will work and are uncertain as to the process
Government proceeds with plans to enhance ability to tackle scams in suspect situations
WPC chair says government needs to boost legislation to tackle paid-for ads
Research found the majority of savers ignored unsolicited financial advice they had received
Transfer values rose sharply during July, while transfer activity dipped slightly over the month
Scam activity dropped during June, but remains high with 55% of transfer showing a red flag
XPS has called the increase “disappointing” and called for robust management from trustees
Pension transfers will be red flagged and blocked if savers have been approached via social media under stronger anti-scam plans set out by the government today.
Action Fraud has revealed £1.8m has already been lost this year to pension fraud, as it warns savers to be vigilant and protect their pensions.
Pensions and financial inclusion minister Guy Opperman has issued a fresh warning over new tax year pension scams.