The Pensions Regulator has published a new strategy to combat pension scams. This aims to protect savers, as increases in the cost of living may leave them more vulnerable to scammers. The plan aims to:
educate industry and savers on the threat of scams
prevent practices which can harm savers’ retirement outcomes
fight fraud through prevention, disruption and punishment of criminals
It sets out to make savers aware of the risk of scams, encourage schemes to adopt higher standards of protection for savers’ pots and secure the intelligence needed to pursue and punish criminals. The Pensions Regulator aim to encourage industry to lead the way in thinking of innovative ways to protect savers now and in the future. The strategy will complement the work of Project Bloom, the multi-agency taskforce created in 2012 to tackle pension scams. Project Bloom will be renamed ‘the Pension Scams Action Group’, following a recommendation by the Work and Pensions Committee. The Pensions Regulator has been calling on industry to join the pledge to combat pension scams and self-certify to follow through on their commitment to protect savers. Find information on the pledge on the Pension Regulators website.