Pension Scams

Baroness Drake Excerpts

Wednesday 14th October 2020 Lords Chamber

[Baroness Drake (Lab) [V]]

My Lords, even where a key risk to their savings is identified and information and red-flag warnings are given to the individual, they can still transfer their pension, and too many do, regardless. Pension providers and trustees have few, if any, powers to stop this. Will the Government extend the powers of the regulator to allow an override of the individual’s statutory right to transfer in the event of a suspected scam, thereby safeguarding their savings and future well-being?

[Baroness Stedman-Scott (Con)]

I am happy to confirm to the noble Baroness that the Minister for Pensions has written to the chair of the Work and Pensions Select Committee about this—I will place a copy of his letter in the House of Lords Library—and I can confirm that the Government are already taking further legislative action through the Pension Schemes Bill. I say again that the Minister for Pensions is quite prepared to meet noble Lords to discuss this issue.