Work and Pensions Committee

The scam ‘epidemic’ across the pensions industry needs better government intervention in the form of a specifically appointed minister, AJ Bell has reiterated.

The increase in financial scams during the last 12 months has promoted calls from all corners of the pensions industry for better support for savers.

An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.

A proposal to ensure savers receive a Pension Wise appointment prior to accessing their retirement pot has received cross-party support in parliament, while Labour seeks net-zero pensions by 2050.

Simpler retirement ‘wake-up packs’ are not encouraging pension savers to take up free guidance, according to the Financial Conduct Authority (FCA).

Work and Pensions Committee chairman Stephen Timms has submitted an amendment to the Pension Schemes Bill aiming to increase the use of pension guidance.

The government should consider handing to a minister the specific responsibility for tackling the growing number of scams across the finance sector, AJ Bell says.

Savers accessing defined contribution (DC) pension pots for the first time rose to an all-time high just before the coronavirus pandemic, Just Group says.

If authorities really want to stop scams, they ought to make it safe for trustees to refuse a transfer that shows red flags, says Margaret Snowdon

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.