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<p>In the period March – July 2020 116 reports of pension fraud were received by Action
Fraud, compared to 179 for the same period in 2019. In recognition of the potential
impact of Covid-19 on individual’s pensions savings the Department convened a cross-government
and regulator group, to closely monitor and respond to any increase in transfers and
scams. All of the participating organisations have confirmed that to date no evidence
has emerged to demonstrate an increase in either transfers or scams, based on their
internal monitoring of the industry. Although this is encouraging Government recognises
it needs to continue to monitor and react to the changing environment.</p><p> </p><p>To
ensure that people are able to fully access support and make informed decisions, a
collaborative approach has been taken with the TPR, the FCA and MaPS in communicating
to savers, to use Pension Wise or the Pensions Advisory Service channels for guidance
before making decisions about retirement. There have been a total of 79,967 bookings
for a Pension Wise guidance session between March 1<sup>st</sup>– October 20<sup>th</sup>
2020. The government is also taking action with the Pensions Schemes Bill.</p>
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