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
2 Recommendation Fifth report: Protecting pension savers… Deferred

The pension freedoms gave people more choice in how they use their money to meet...

The pension freedoms gave people more choice in how they use their money to meet their own needs. However, by offering pension savers access to a much wider range of investments, the freedoms also removed much of the distinction between pension scams and other types of investment and financial fraud. … Read more

Government response AI summary
The government acknowledges the scale of pension scams and efforts to build a better intelligence picture through industry reporting. However, it defers comprehensive action on putting in place the necessary support framework, stating it will look closely at the recommendations from internal Project Bloom reviews …
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Department for Work and Pensions
11 Recommendation Fifth report: Protecting pension savers… Deferred

The pensions industry does not universally share information about possible scams amongst providers and schemes.

The pensions industry does not universally share information about possible scams amongst providers and schemes. Information can be, and is, shared voluntarily, including through the Pension Scams Industry Group and the forum it supports— the Pension Scams Industry Forum. WWee rreeccoommmmeenndd tthhaatt PPrroojjeecctt BBlloooomm sshhoouulldd ffaacciilliittaattee iinndduussttrryy iinntteelllliiggeennccee sshhaarriinngg aanndd … Read more

Government response AI summary
The government agrees with the recommendation to facilitate information sharing and legislate for required industry participation, noting it aligns with DWP's policy review. However, it cannot guarantee legislative changes will occur within the current Parliament, making action dependent on future review and timetable.
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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…