Pension scams

The Work and Pensions Committee (WPC) has urged the government and regulators to “act quickly and decisively” to protect pension savers from scams.

The Pensions Regulator (TPR) has called on the pensions industry to step up to stop scammers following a “concerning” long-term drop in reporting.

Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pensions, after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.

This week’s top stories included news that buy-in and buyout volumes are set to reach £30-£40bn in 2021, while Pensions Infrastructure Platform owner announced its intention to float on the London Stock Exchange.

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.

Pension scam red flags have reached the highest level recorded, according to research by XPS Pensions.

In the third of a five-part series of articles for PP, pensions minister Guy Opperman sets out how impending legislation will help crackdown on 'crooks' scamming people out of their pensions.

XPS Pensions Group has launched a scam protection checklist to assist trustees in meeting The Pensions Regulator’s (TPR) scam pledge initiative.

Local Pension Partnership Administration (LPPA) has become the latest organisation to join the Pension Scams Industry Group (PSIG) forum.