Source · Select Committees · Work and Pensions Committee
Recommendation 2
2
Deferred
Paragraph: 11
The pension freedoms gave people more choice in how they use their money to meet...
Recommendation
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. More than five years on from the introduction of the pension freedoms, the Government and the regulators are still putting in place the necessary support framework to protect pension savers. They must now act quickly and decisively.
Government response summary AI-generated
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 and set out the way forward later in the year.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
11
Government Response
Deferred
HM Government · verbatim extract
Deferred
The Department for Work and Pensions (DWP) and HM Treasury already work collaboratively on these issues, including through Project Bloom, and recognise the importance of doing so to address the vulnerabilities the fraudsters exploit. This joined-up approach also recognises the interlinkages between both departments in the areas of financial advice, guidance and pensions / investment fraud. However, combatting pension scams requires cross-government co-ordination and DWP is also working closely with the Home Office and the Department for Digital, Culture, Media and Sport to ensure there is a consistent and unified approach to these issues. We cannot commit to publishing details of policy discussions between Government departments as much of this work will be sensitive. However, as referenced in the introduction, the Government is committed to publishing a comprehensive Fraud Action Plan after this year’s Spending Review, that will commit key partners in the public sector and industry to do more to tackle fraud.
Read the full response on Parliament ↗