Select Committee · Work and Pensions Committee

Protecting pension savers – five years on from the pension freedoms: Pension scams

Status: Closed Opened: 28 Jul 2020 Closed: 2 Feb 2022 32 recommendations 5 conclusions 1 report

This inquiry looked at how savers are prepared and protected to move from saving for retirement to using their pension savings. This work will be in three parts. First, we’re looking at pension scams and what more can be done to prevent them. We are interested in finding out: How common pension scams are What … Show more

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Reports

1 report
Title HC No. Published Items Response
Fifth report: Protecting pension savers—five years on from … HC 648 28 Mar 2021 37 Responded

Recommendations & Conclusions

2 items
12 Recommendation Fifth report: Protecting pension savers… Accepted

We welcome the fact that the Pensions Regulator is supporting efforts to encourage the pensions...

We welcome the fact that the Pensions Regulator is supporting efforts to encourage the pensions industry to share information about pension scams through its pledge to combat pension scams campaign, which was launched in November 2020. We would like to see all of the pensions industry sign the pledge. We … Read more

Government response AI summary
The government agrees with the recommendation for Project Bloom to encourage pledge sign-ups and for TPR to monitor and report, stating that this will form part of the Department for Work and Pension’s plan to review the policy.
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Department for Work and Pensions
35 Recommendation Fifth report: Protecting pension savers… Accepted

Where a pension scheme has been used as a vehicle for a pension liberation scam...

Where a pension scheme has been used as a vehicle for a pension liberation scam the Pensions Regulator will appoint an independent trustee. The trustees management fees and associated legal costs will be met directly from the scheme’s assets, which often need to be recovered first by the trustee. With … Read more

Government response AI summary
The government stated that it is already in the process of thoroughly assessing the value for money provided by independent trustees appointed to scam schemes, detailing existing competitive tender processes, increased firm invitations, and cost scrutiny by an independent adjudicator.
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Department for Work and Pensions

Oral evidence sessions

5 sessions
Date Witnesses
27 Jan 2021 Emma Varley · Department for Work and Pensions, Guy Opperman MP · Department for Work and Pensions, Pete Searle · Department for Work and Pensions View ↗
6 Jan 2021 Commander Clinton Blackburn · City of London Police, Graeme Biggar · National Economic Crime Centre, Mark Steward · Financial Conduct Authority, Nicola Parish · The Pensions Regulator View ↗
2 Dec 2020 Dennis Waite, Neil Postins · National Economic Crime Victim Care Unit, Pauline Smith · Action Fraud, Rick Muir · The Police Foundation, Sue Flood View ↗
7 Oct 2020 Brian Thorne · Pensions Management Institute, David Weeks · Association of Member Nominated Trustees, Julian Adams · M and G PLC, Lorraine Harper · Mercer, Neil Copeland · Dalriada Trustees Limited, Nita Tinn · Association of Professional Pension Trustees, Peter Hazelwood · Aviva, Rachel Vahey · AJ Bell View ↗
16 Sep 2020 Andy Agathangelou · Transparency Task Force, Margaret Snowdon · Pension Scams Industry Group (PSIG), Richard Piggin · Which?, Tim Fassam · Personal Investment Management and Financial Advice Association (PIMFA) View ↗

Who gave evidence

24 witnesses
WitnessOrganisationSessions
Andy Agathangelou · Founder Transparency Task Force 1
Brian Thorne · Principal at Barnett Waddingham Pensions Management Institute 1
Commander Clinton Blackburn · National Coordinator for Economic Crime City of London Police 1
David Weeks · Co-Chair Association of Member Nominated Trustees 1
Dennis Waite 1
Emma Varley · Head of DC and International Private Pensions Pol… Department for Work and Pensions 1
Graeme Biggar · Director General National Economic Crime Centre 1
Guy Opperman MP · Minister for Employment Department for Work and Pensions 1
Julian Adams · Director of Public Policy & Regulation M and G PLC 1
Lorraine Harper · Client Relationship Director and Head of Proposit… Mercer 1
Margaret Snowdon · Chair Pension Scams Industry Group (PSIG) 1
Mark Steward · Executive Director of Enforcement and Market Over… Financial Conduct Authority 1
Neil Copeland · Director Dalriada Trustees Limited 1
Neil Postins · Service Delivery Manager National Economic Crime Victim Care Unit 1
Nicola Parish · Executive Director of Frontline Regulation The Pensions Regulator 1
Nita Tinn · Chair Association of Professional Pension Trustees 1
Pauline Smith · Director Action Fraud 1
Pete Searle · Director, Private Pensions and Arm’s-Length Bodies Department for Work and Pensions 1
Peter Hazelwood · Group Financial Crime Risk Director Aviva 1
Rachel Vahey · Senior Technical Consultant AJ Bell 1
Richard Piggin · Head of External Affairs Which? 1
Rick Muir · Director The Police Foundation 1
Sue Flood 1
Tim Fassam · Director of Government Relations & Policy Personal Investment Management and Financial Advice Association (PIMFA) 1

Correspondence

6 letters
DateDirectionTitle
16 Jul 2021 Correspondence from Google to Chair (Financial advertising and preventing scams)
11 Jun 2021 Correspondence with the City of London Police about pension scams
26 Feb 2021 To cttee Letter from Parliamentary Briefings Manager, Office of the City Remembracer abo…
20 Jan 2021 Correspondance with the Economic Secretary to the Treasury on pension scams, da…
4 Nov 2020 Correspondence between the Chair and Minister for Pensions and Financial Inclus…
7 Oct 2020 Correspondence from the Minister for Pensions and the FCA about Clause 125 of t…