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<p>The Government is committed to safeguarding consumer savings. The Government is
raising public awareness of scams through ongoing communications directly from DWP
and with other organisations.</p><p> </p><p>Joint and independent communications from
the FCA and tPR spelling out the dangers, what to watch out for and giving clarity
to trustees and providers on the boundaries between guidance and advice have been
issued since April this year. Prior to Covid-19 the FCA and tPR conducted regular
campaigns, through the ScamSmart branding, to raise awareness of pension scams and
what to watch out for, these have been deemed very successful, over 222,000 visited
the ScamSmart website to find out how to identify a scam scheme as a result of the
most recent pre Covid campaign, July – November 2019.</p><p> </p><p>In addition, Government
is actively monitoring the numbers of transfers and scams and preparing further policy
responses. At the onset of the covid-19 pandemic, the Department convened a cross-government
and regulator group to closely monitor and respond to any increase in transfers and
scams. The group includes DWP, HMT, both the Pensions Regulator and the FCA as well
as the Money and Pensions Service and the Pension Ombudsman. All of the participating
organisations have confirmed that to date no evidence has emerged of an increase in
either transfers or scams, based on their internal monitoring of the industry.</p><p>
</p><p>Please see links below for more information about the joint statement from
Regulators and the Money Advice Service, and help available, produced by the Pension
Protection Fund and supported by government.</p><p><a href="https://www.fca.org.uk/news/press-releases/covid-19-savers-stay-calm-dont-rush-financial-decisions"
target="_blank">https://www.fca.org.uk/news/press-releases/covid-19-savers-stay-calm-dont-rush-financial-decisions</a></p><p><a
href="https://www.ppf.co.uk/sites/default/files/file-2020-05/COVID-19-and-your-pension.pdf"
target="_blank">https://www.ppf.co.uk/sites/default/files/file-2020-05/COVID-19-and-your-pension.pdf</a></p><p>DWP
continues to communicate regularly on social media to set out the warning signs of
a scam and has made 18 posts referencing Pension Scams and #ScamSmart in total across
Twitter, Facebook and LinkedIn in the period March to September 2020.</p><p> </p><p>The
Pension Schemes Bill was amended in the House of Lords to add to the example conditions
that can be placed on the statutory right to transfer by regulations. This amendment
makes it explicit that the regulations can require that in certain circumstances the
member demonstrates they have taken information or guidance before the transfer can
proceed to ensure they are informed of the risks.</p><p> </p><p>The Government wants
to support all pension savers aged 50 and over in the lead up to accessing their pension
savings, to make informed choices about their retirement income, which includes making
them aware of Pension Wise through communications from their pension scheme trustees.
We intend introducing Single page summary and single page risk warnings from age 50
and then every 5 years until the point they access their pension savings.</p><p> </p><p>The
Money and Pensions Service (MaPS) conducted trials to establish different ways to
encourage more people to take Pension Wise guidance before accessing their pension
savings under Pension Freedoms. These trials found that a nudge developed using behavioural
science principles significantly increased take-up of Pension Wise guidance among
those wishing to access their pension savings under pension freedoms. The evaluation
report was published in July 2020. We are working to develop the most effective and
proportionate way to implement this nudge to pension guidance. We intend to publish
our proposed way forward shortly.</p><p> </p><p>We will continue to work collaboratively
with organisations and regulators to look at all interventions which can better protect
savers.</p>
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