scam

April’s activity in the defined benefit (DB) transfer market fell to the lowest level since September last year, dropping by almost a quarter, while the number of transfers showing ‘red flags’ for scams increased to a three-month high, according to XPS...

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.

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 saw the largest ever monthly fall in February, according to XPS Pensions.

Pension scams are not just about the money lost, but the lives devastated, says Nicola Parish, so the industry must unite to defeat this scourge.

Trustees should have the ability to pause suspected scam transfers, respondents agreed in a Professional Pensions poll.

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.