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
3 results
1
Conclusion
Acknowledged
Para 10
People save for retirement and later life in many different ways, not solely through their...
Conclusion
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 …
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Government Response Summary
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
Para 35
The aftermath of a pension scam can leave a victim needing to deal with several...
Recommendation
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 …
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Government Response Summary
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
Being a victim of any fraud can be devastating.
Recommendation
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 …
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Government Response Summary
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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