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

3 items
1 Conclusion Fifth report: Protecting pension savers… Acknowledged

People save for retirement and later life in many different ways, not solely through their...

People save for retirement and later life in many different ways, not solely through their pensions. During the course of our inquiry we have been contacted by a number of people who have lost savings, other than pensions, which were intended to support them in retirement. Read more

Government response AI summary
The government acknowledges the importance of collaborative work between DWP, HM Treasury, and other departments to address vulnerabilities exploited by fraudsters, and commits to publishing a comprehensive Fraud Action Plan after the Spending Review.
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Department for Work and Pensions
8 Recommendation Fifth report: Protecting pension savers… Acknowledged

The aftermath of a pension scam can leave a victim needing to deal with several...

The aftermath of a pension scam can leave a victim needing to deal with several different bodies without much guidance or support. For many victims Action Fraud is the first point of contact and for those for whom it is not, it should be. We recommend that Action Fraud should … Read more

Government response AI summary
The government acknowledges the need for improved coordination by stating Project Bloom is exploring options for industry intelligence sharing and reporting. However, it does not commit to Action Fraud taking a direct coordinating role for victims by setting up appointments or other bodies routinely recording …
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Department for Work and Pensions
37 Recommendation Fifth report: Protecting pension savers… Acknowledged

Being a victim of any fraud can be devastating.

Being a victim of any fraud can be devastating. Pension scams often involve the loss of a lifetime’s savings and many of the plans people have made for their later life. Victims of pension scams suffer lifelong financial harm and potential lifelong impact on their mental wellbeing. We recommend that … Read more

Government response AI summary
The government agrees there is scope for further action and describes existing services from MaPS and the Action Fraud Economic Crime Victim Care Unit (ECVCU), which is being rolled out further. However, it does not commit to DWP leading the creation of a new, specific …
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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…