Fifth report: Protecting pension savers—five years on from the pension freedoms: Pension scams
Select Committee
Work and Pensions Committee
HC 648
28 March 2021
Government response
Protecting pension savers–five years on from the pension freedoms: Pension scams: Government, The Pensions Regulator and Financial Conduct Authority Responses to the Committee’s Fifth Report of Session 2019–21 · published 6 Jul 2021
Recommendations & Conclusions
2 results
12
Recommendation
Accepted
Para 47
We welcome the fact that the Pensions Regulator is supporting efforts to encourage the pensions...
Recommendation
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 Summary
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
View Details
35
Recommendation
Accepted
Para 143
Where a pension scheme has been used as a vehicle for a pension liberation scam...
Recommendation
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 Summary
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
View Details