Pensions: Fraud

(asked on 1st June 2020) - View Source

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps her Department is taking to protect people from pension scams and fraud.


Answered by
Guy Opperman Portrait
Guy Opperman
Parliamentary Under-Secretary (Department for Transport)
This question was answered on 9th June 2020

In these unprecedented times we are committed to protecting people from pension scams and fraud. DWP is working with other Government Departments, the Pension Regulator, Financial Conduct Authority and other industry bodies to raise awareness and to monitor for evidence of an increase in pension related fraudster activity. We will continue to use evidence available, to identify what specific and proportionate measures may be necessary.

Government has introduced measures to tackle pension scams following the December 2016 Pension Scams: Consultation link. These include making it harder to open fraudulent schemes from 2018, and legislating to introduce a ban on cold calling in relation to pensions in January 2019.

DWP is also bringing forward legislation, through the Pension Schemes Bill which is currently passing through Parliament. These measures will give trustees’ assurance they will not be required to make statutory transfer, unless specified conditions are met.

The PPF, in collaboration with regulators and pensions bodies, recently published a guide,’COVID-19 and your pension: where to get help’, which answers common pension concerns and helps individuals find the right support. This includes guidance for individuals who are concerned about pension scams.

https://www.ppf.co.uk/covid-19-pensions

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