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
3 results
Clear
1 Conclusion Acknowledged
Fifth report: Protecting pension s…
People save for retirement and later life in many different ways, not solely through their...
People save for retirement and later life in many different ways, not solely through their pensions. During the course of our inquiry we have been contacted by a number of people who have lost savings, other than pensions, which were … Read more
Government Response
The government acknowledges the importance of collaborative work between DWP, HM Treasury, and other departments to address vulnerabilities exploited by fraudsters, and commits to publishing a comprehensive Fraud Action Plan after the Spending Review.
Department for Work and Pensions
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8 Recommendation Acknowledged
Fifth report: Protecting pension s…
The aftermath of a pension scam can leave a victim needing to deal with several...
The aftermath of a pension scam can leave a victim needing to deal with several different bodies without much guidance or support. For many victims Action Fraud is the first point of contact and for those for whom it is … Read more
Government Response
The government acknowledges the need for improved coordination by stating Project Bloom is exploring options for industry intelligence sharing and reporting. However, it does not commit to Action Fraud taking a direct coordinating role for victims by setting up appointments or other bodies routinely recording cases with Action Fraud.
Department for Work and Pensions
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37 Recommendation Acknowledged
Fifth report: Protecting pension s…
Being a victim of any fraud can be devastating.
Being a victim of any fraud can be devastating. Pension scams often involve the loss of a lifetime’s savings and many of the plans people have made for their later life. Victims of pension scams suffer lifelong financial harm and … Read more
Government Response
The government agrees there is scope for further action and describes existing services from MaPS and the Action Fraud Economic Crime Victim Care Unit (ECVCU), which is being rolled out further. However, it does not commit to DWP leading the creation of a new, specific strategy for pension scam victims covering both financial and psychological harm.
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