Action was taken by the Pension Regulator, Financial Conduct Authority, and Money Advice and Pension Service on 7 April pointing to the actions members should seek to take to safeguard against becoming victims of scams. Additional guidance was issued to trustees, and providers from both The Financial Conduct Authority and the Pensions Regulator to support them to produce suitable communications during the Covid-19 outbreak.<\/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>
https://www.fca.org.uk/news/press-releases/covid-19-savers-stay-calm-dont-rush-financial-decisions<\/a><\/p> <\/p> https://www.ppf.co.uk/sites/default/files/file-2020-05/COVID-19-and-your-pension.pdf<\/a><\/p> <\/p> All of Government is committed to safeguarding consumer savings amongst those based in the UK and living overseas with UK based pension savings. We have adopted a layered approach building from interventions to assist all pension savers seeking to access their pensions to those who are most at risk of scams.<\/p> <\/p> For all pension savers aged 50 and over, in the lead up to accessing their pension savings, our aim is to support them make informed choices about their retirement income. We are therefore committed to replicating measures introduced by the FCA for contract based schemes for occupational pension schemes and requiring trustees to provide information to pensions savers from the age of 50, in a simpler format, to encourage savers to think about their retirement savings, choices and raise awareness of Pension Wise.<\/p> <\/p> We want to encourage savers with to take appropriate guidance (currently provided by MAPS under the Pension Wise brand) when they exercise their Pension Freedoms by applying to access savings. Recent trials showed a nudge to guidance during the application process is effective. We want to present taking guidance as a natural part of the journey when individuals access their pension savings. We are working with the FCA on rules that would require managers of private pension schemes to Introduce parallel provisions.<\/p> <\/p> Although the majority of transfers are to safe destinations there are still fraudsters who try to entice individuals to transfer to schemes for the purposes of relieving them of their pension savings.<\/p> To help protect people from pension scams, government has introduced an amendment to clause 125 in the Pension Schemes Bill 2020 limiting the statutory right to transfer The clause achieves two things:<\/p> <\/p> <\/p> In addition, the Government, working with the regulators and the Money and Pension Service, has been communicating with pension savers to alert them to the risk of scams in the current climate. DWP continues to communicate regularly on social media about the warning signs of a scam.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4142", "label" : {"_value" : "Biography information for Guy Opperman"}
}
, "answeringMemberConstituency" : {"_value" : "Hexham"}
, "answeringMemberPrinted" : {"_value" : "Guy Opperman"}
, "dateOfAnswer" : {"_value" : "2020-09-22", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-09-22T12:31:04.343Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "29"}
, "answeringDeptShortName" : {"_value" : "Work and Pensions"}
, "answeringDeptSortName" : {"_value" : "Work and Pensions"}
, "date" : {"_value" : "2020-09-09", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pensions: Fraud"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Work and Pensions, with reference to the finding of the Financial Conduct Authority that pension scammers take on average £91,000 from each of their victims, what assessment her Department has made of additional protections required to protect UK pensioners (a) in the UK and (b) overseas from pension transfer scams.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4667", "label" : {"_value" : "Biography information for Mike Amesbury"}
}
, "tablingMemberConstituency" : {"_value" : "Weaver Vale"}
, "tablingMemberPrinted" : [{"_value" : "Mike Amesbury"}
], "uin" : "87643"}
, {"_about" : "http://data.parliament.uk/resources/1233027", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1233027/answer", "answerText" : {"_value" : " Through Project Bloom, DWP works with other government departments, regulators, enforcement agencies and the pensions industry to monitor the evolution of scam typology and respond with a collective and coordinated response. Project Bloom is examining the range of measures that all agencies including providers and financial professionals could take to help prevent scams.<\/p> <\/p> 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. This is supported by cross government and regulator gathering, monitoring and evaluating of data in order to develop as complete and robust a picture as possible. At this point the Department doesn\u2019t yet have any robust evidence showing an increase in pension scams activity but will continue to monitor across the industry.<\/p> <\/p> In addition to active monitoring, the Government, working with the regulators and the Money and Pension Service has been communicating with pension savers to alert them to the risk of scams in the current climate. DWP continues to communicate regularly on social media out the warning signs of a scam. A joint statement<\/a> was issued by The Pension Regulator, Financial Conduct Authority, and Money Advice and Pension Service on 7 April pointing to the actions members should seek to take to safeguard against becoming victims of scams. Additional guidance was issued to trustees, and providers from both The Financial Conduct Authority and the Pensions Regulator to support them to produce suitable communications during the Covid-19 outbreak.<\/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> https://www.fca.org.uk/news/press-releases/covid-19-savers-stay-calm-dont-rush-financial-decisions<\/a><\/p> <\/p> https://www.ppf.co.uk/sites/default/files/file-2020-05/COVID-19-and-your-pension.pdf<\/a><\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4142", "label" : {"_value" : "Biography information for Guy Opperman"}
}
, "answeringMemberConstituency" : {"_value" : "Hexham"}
, "answeringMemberPrinted" : {"_value" : "Guy Opperman"}
, "dateOfAnswer" : {"_value" : "2020-09-17", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-09-17T15:35:38.683Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "29"}
, "answeringDeptShortName" : {"_value" : "Work and Pensions"}
, "answeringDeptSortName" : {"_value" : "Work and Pensions"}
, "date" : {"_value" : "2020-09-09", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pensions: Fraud"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Work and Pensions, what assessment her Department has made of the potential increase in pension scams since the covid-19 outbreak.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3960", "label" : {"_value" : "Biography information for Henry Smith"}
}
, "tablingMemberConstituency" : {"_value" : "Crawley"}
, "tablingMemberPrinted" : [{"_value" : "Henry Smith"}
], "uin" : "87524"}
, {"_about" : "http://data.parliament.uk/resources/1233030", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1233030/answer", "answerText" : {"_value" : " The Government continues to work with Regulators and the Police to prevent scams and this has continued during Covid-19. In the period March \u2013 July 2020, 116 reports of pension fraud were received by Action Fraud, compared to 179 for the same period in 2019.<\/p> <\/p> In recognition of the potential impact of Covid-19 on individual\u2019s pensions savings the Department convened a cross-government and regulator group, to closely monitor and respond to any increase in transfers and scams. Regulators, Police and Action Fraud 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>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4142", "label" : {"_value" : "Biography information for Guy Opperman"}
}
, "answeringMemberConstituency" : {"_value" : "Hexham"}
, "answeringMemberPrinted" : {"_value" : "Guy Opperman"}
, "dateOfAnswer" : {"_value" : "2020-09-17", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-09-17T11:08:01.917Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "29"}
, "answeringDeptShortName" : {"_value" : "Work and Pensions"}
, "answeringDeptSortName" : {"_value" : "Work and Pensions"}
, "date" : {"_value" : "2020-09-09", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pensions: Fraud"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Work and Pensions, how many people have contacted Action Fraud on potential pension scams since the covid-19 outbreak.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3960", "label" : {"_value" : "Biography information for Henry Smith"}
}
, "tablingMemberConstituency" : {"_value" : "Crawley"}
, "tablingMemberPrinted" : [{"_value" : "Henry Smith"}
], "uin" : "87526"}
, {"_about" : "http://data.parliament.uk/resources/1233035", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1233035/answer", "answerText" : {"_value" : " Tax liabilities relating to unauthorised payments and HMRC\u2019s investigation of tax rules arising from pension scams are the responsibility of HMT. DWP will continue to work closely with HMRC to understand their position and how these may impact the Pensions Schemes Bill and savers.<\/p> <\/p> Government continues to work with regulators and industry to protect consumers and find the best ways of preventing pension scams. HMRC and DWP have held regular discussions relating to the enhanced protection measures in the Pension Scheme Bill 2020.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4142", "label" : {"_value" : "Biography information for Guy Opperman"}
}
, "answeringMemberConstituency" : {"_value" : "Hexham"}
, "answeringMemberPrinted" : {"_value" : "Guy Opperman"}
, "dateOfAnswer" : {"_value" : "2020-09-17", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-09-17T10:54:22.07Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "29"}
, "answeringDeptShortName" : {"_value" : "Work and Pensions"}
, "answeringDeptSortName" : {"_value" : "Work and Pensions"}
, "date" : {"_value" : "2020-09-09", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Pensions: Fraud"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Secretary of State for Work and Pensions, what discussions her Department has had with HMRC on its investigation of tax rule breaches arising from pension scams.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3960", "label" : {"_value" : "Biography information for Henry Smith"}
}
, "tablingMemberConstituency" : {"_value" : "Crawley"}
, "tablingMemberPrinted" : [{"_value" : "Henry Smith"}
], "uin" : "87529"}
, {"_about" : "http://data.parliament.uk/resources/1233037", "AnsweringBody" : [{"_value" : "Department for Work and Pensions"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1233037/answer", "answerText" : {"_value" : " Through Project Bloom, DWP works with other government departments, regulators, enforcement agencies and the pensions industry to monitor the evolution of scam typology and respond with a collective and coordinated response. Project Bloom is examining the range of measures that all agencies including providers and financial professionals could take to help prevent scams.<\/p> <\/p> DWP consistently works with other organisations to raise awareness of pension scams and encourage reporting, including regular campaigns, from the Financial Conduct Authority and the Pensions Regulator, conducted through the ScamSmart branding. Alongside promoting what to look out for to recognise a pension scam, the ScamSmart campaigns and website encourage people to report when they think they have been scammed. These messages are proving effective, in the most recent campaign prior to Covid-19, June to September 2019 over 222,000 visited the ScamSmart website to find out how to identify a scam scheme and report a scam.<\/p> <\/p> The Government, working with the regulators and the Money and Pension Service communicates with pension savers to alert them to the risk of scams in the current climate. 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> A joint statement<\/a> was issued by The Pension Regulator, Financial Conduct Authority, and Money Advice and Pension Service on 7 April pointing to the actions members should take to help safeguard against scams. Additional guidance was issued to trustees, and providers from both The Financial Conduct Authority and the Pensions Regulator to support them to produce suitable communications during the Covid-19 outbreak.<\/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>