PENSION SCAMS: TREASURY & DWP GET SERIOUS
HM Treasury and the DWP have launched a joint consultation at options for preventing pension scams, which have long been the bane of the pensions industry.

The consultation, which runs until 13 February 2017, proposes a multi-pronged approach to tackle the threat of pension scams, including:

  • An outright ban on 'cold calling' in respect of pensions, to be enshrined in primary legislation.

  • Restricting the circumstances in which an individual will have a statutory right to transfer their pension benefits.

  • Making it harder for fraudsters to set up small pension schemes likely to be used for pension scam purposes.

Ban on 'cold calling'

Cold-calling is the most common method

used to instigate a pension scam. Indeed, the author of this News Alert has received unsolicited calls from companies claiming that they have been "instructed by the Government to offer people a free pensions review", or saying that there is a loophole in the pensions legislation that means people can access their pension funds from any age.

A blanket ban on pension cold-calls . . .

07 Dec 2016   Check other news items



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