Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps he is taking to protect pension savers in Hamilton and Clyde Valley constituency from pension scams.

Government works closely with regulators, industry and law enforcement partners to monitor emerging scam risks, identify new threats and ensure that appropriate protections are in place for pension savers.

The Conditions for Pension Transfers Regulations form a key element of those protections. Providing important safeguards against pension scams by enabling trustees and scheme managers to pause or prevent a transfer where there are indicators that the transfer may present a risk.

Earlier this year, the Government consulted on reforms to the regulations following concerns about the potential misuse of Small Self-Administered Schemes. Having carefully considered the responses received, we have today published our response, outlining a targeted package of measures to address identified risks, improve existing safeguards, and enhance protections for pension savers. The Government Response is available at the following link: Government response to the public consultation on proposals to amend the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021 - GOV.UK