The Pensions Regulator (TPR) is calling on schemes to adopt higher standards of protection for savers’ pots as the ongoing cost of living crisis exposes them to potential new pension scams.
The regulator's new scams strategy - published on Wednesday 3 August - warns savers might be "lured by offers to access their pension savings" earlier than tax limits allow in order to cover essential costs such as bills and rent or mortgage payments. TPR said this could also include "fake investments offering high returns that never materialise". Its three-part plan aims to educate the industry on the threat of scams, prevent practices that could harm retirement outcomes, and fight fraud actively by prevention, disruption and punishment of scam perpetrators. Executive director of ...
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