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
2 Recommendation Deferred
Fifth report: Protecting pension s…
The pension freedoms gave people more choice in how they use their money to meet...
The pension freedoms gave people more choice in how they use their money to meet their own needs. However, by offering pension savers access to a much wider range of investments, the freedoms also removed much of the distinction between … Read more
Government Response
The government acknowledges the scale of pension scams and efforts to build a better intelligence picture through industry reporting. However, it defers comprehensive action on putting in place the necessary support framework, stating it will look closely at the recommendations from internal Project Bloom reviews and set out the way forward later in the year.
Department for Work and Pensions
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11 Recommendation Deferred
Fifth report: Protecting pension s…
The pensions industry does not universally share information about possible scams amongst providers and schemes.
The pensions industry does not universally share information about possible scams amongst providers and schemes. Information can be, and is, shared voluntarily, including through the Pension Scams Industry Group and the forum it supports— the Pension Scams Industry Forum. WWee … Read more
Government Response
The government agrees with the recommendation to facilitate information sharing and legislate for required industry participation, noting it aligns with DWP's policy review. However, it cannot guarantee legislative changes will occur within the current Parliament, making action dependent on future review and timetable.
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