Protecting pension savers – five years on from the pension freedoms: Pension scams

Work and Pensions Committee Closed Inquiry
Opened: 28 Jul 2020 Closed: 2 Feb 2022 Parliament page
This inquiry looked at how savers are prepared and protected to move from saving for retirement to using their pension savings. This work will be in three parts. First, we’re looking at pension scams and what more can be done to prevent them. We are interested in finding out: How … Read more
32 Recommendations
5 Conclusions
1 Report
5 Oral sessions
6 Letters
5 Events
Activity timeline 13 events
16 Jul
2021
Correspondence
6 Jul
2021
Report published
11 Jun
2021
Correspondence
28 Mar
2021
Report published
26 Feb
2021
Correspondence
27 Jan
2021
Oral evidence
20 Jan
2021
Correspondence
6 Jan
2021
Oral evidence
2 Dec
2020
Oral evidence
4 Nov
2020
Correspondence
7 Oct
2020
Oral evidence
7 Oct
2020
Correspondence
Oral evidence sessions 5 sessions
27 Jan 2021
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Protecting pension savers – five years on from the pension freedoms: Pension scams
Emma Varley · Department for Work and Pensions Guy Opperman MP · Department for Work and Pensions Pete Searle · Department for Work and Pensions
6 Jan 2021
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Protecting pension savers – five years on from the pension freedoms: Pension scams
Commander Clinton Blackburn · City of London Police Graeme Biggar · National Economic Crime Centre Mark Steward · Financial Conduct Authority Nicola Parish · The Pensions Regulator
2 Dec 2020
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Work and Pensions Committee
Dennis Waite Neil Postins · National Economic Crime Victim Care Unit Pauline Smith · Action Fraud Rick Muir · The Police Foundation Sue Flood
7 Oct 2020
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Work and Pensions Committee meeting
Brian Thorne · Pensions Management Institute David Weeks · Association of Member Nominated Trustees Julian Adams · M and G PLC Lorraine Harper · Mercer Neil Copeland · Dalriada Trustees Limited Nita Tinn · Association of Professional Pension Trustees Peter Hazelwood · Aviva Rachel Vahey · AJ Bell
16 Sep 2020
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Work and Pensions Committee meeting
Andy Agathangelou · Transparency Task Force Margaret Snowdon · Pension Scams Industry Group (PSIG) Richard Piggin · Which? Tim Fassam · Personal Investment Management and Financial Advice Association (PIMFA)
Title HC No. Published Items Response
Fifth report: Protecting pension savers—five years on from the p… HC 648 28 Mar 2021 37 Responded
Recommendations & Conclusions
2 results
Clear
12 Recommendation Accepted
Fifth report: Protecting pension s…
We welcome the fact that the Pensions Regulator is supporting efforts to encourage the pensions...
We welcome the fact that the Pensions Regulator is supporting efforts to encourage the pensions industry to share information about pension scams through its pledge to combat pension scams campaign, which was launched in November 2020. We would like to … Read more
Government Response
The government agrees with the recommendation for Project Bloom to encourage pledge sign-ups and for TPR to monitor and report, stating that this will form part of the Department for Work and Pension’s plan to review the policy.
Department for Work and Pensions
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35 Recommendation Accepted
Fifth report: Protecting pension s…
Where a pension scheme has been used as a vehicle for a pension liberation scam...
Where a pension scheme has been used as a vehicle for a pension liberation scam the Pensions Regulator will appoint an independent trustee. The trustees management fees and associated legal costs will be met directly from the scheme’s assets, which … Read more
Government Response
The government stated that it is already in the process of thoroughly assessing the value for money provided by independent trustees appointed to scam schemes, detailing existing competitive tender processes, increased firm invitations, and cost scrutiny by an independent adjudicator.
Department for Work and Pensions
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Government Response AI assessment · 34 of 32 classified
Accepted 2
Acknowledged 3
Deferred 2
Not Addressed 26
Rejected 1
Total 32 recs + 5 conclusions
Correspondence 6 letters
16 Jul 2021 Correspondence from Google to Chair (Financial advertising and preventing scams)
Parliament page
11 Jun 2021 Correspondence with the City of London Police about pension scams
Parliament page
26 Feb 2021 To committee Letter from Parliamentary Briefings Manager, Office of the City Remembracer about Pension scams
Parliament page
20 Jan 2021 Correspondance with the Economic Secretary to the Treasury on pension scams, dated 14 January
Parliament page
4 Nov 2020 Correspondence between the Chair and Minister for Pensions and Financial Inclusion about Clause 125 of the Pension Schemes Bill
Parliament page
7 Oct 2020 Correspondence from the Minister for Pensions and the FCA about Clause 125 of the Pension Schemes Bill
Parliament page