Pension companies must be given the power to trigger an “urgent regulatory response” to savers at risk of fraud, while regulators should be able to override the right to transfer, The People’s Pension and The Police Foundation have said.
Savers' pension pots are more vulnerable since the introduction of the pension freedoms, while £54m of combined savings were targeted by scammers at 13 providers last year alone, the pair said on Monday (7 September). In Protecting people's pensions: understanding and preventing pension scams, they warned that while providers are able to flag potentially fraudulent activity to customers, neither they nor The Pensions Regulator (TPR) can act to permanently stop transfers. This has led to round £31m of funds transferred despite the risk. In addition to the greater powers for schemes and...
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