Pension scams

The Pension Scams Industry Group (PSIG) has updated its voluntary code of practice in a bid to help prevent members falling victim to evolving pension scams.

A convicted fraudster has been jailed after scamming tens of thousands of pounds from almost 800 victims in a complex pension fraud operation, a South Wales police force has said.

Nearly one in 10 over-55s fear they have been targeted by suspected scammers since the launch of the pension freedoms, research by Prudential has found.

Two men were sentenced to jail after luring 16 victims into transferring nearly £1m of their pensions into a non-existent occupational scheme in an "elaborate" liberation scam.

Independent governance committees (IGCs) may see their remit expanded to include reporting on social investing issues under Financial Conduct Authority (FCA) plans unveiled in its business plan today.

A man has been arrested on suspicion of fraud after The Pensions Regulator (TPR) and the police launched an investigation over concerns savers were lured into poorly-run pension schemes.

Some 79% of people would like to see stricter rules and checks to ensure pension pots are secure, according to a survey by the Pensions and Lifetime Savings Association (PLSA).

Swift action to ban cold-calling has been promised by the government in a bid to stem the flow of pension savers being lured into scams.

This week's top stories included the government suggesting it may review the order of creditors in an insolvency event, and Barclays defending plans to move responsibility for its DB scheme to its investment banking arm.

Four scammers have been told to pay back £13.7m after luring 245 pension savers to transfer funds to 11 bogus schemes.