All Pension scams articles – Page 3
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NewsScam warnings on DB transfers near record high
On the go: The number of scam warnings on defined benefit transfers is near a record high, despite a downward trend in transfer activity, XPS Pensions Group has said.
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NewsPASA publishes pre-employment guidance to deter fraudsters
On the go: The Pensions Administration Standards Association has published guidance on pre-employment checks for administrators, as it has been made aware of fraud cases undertaken or assisted by employees of these companies.
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OpinionTPR: The Green Cross Code man
Broadstone’s technical director David Brooks details how trustees must help scheme members to avoid bad transfer decisions as the regulator takes a ‘Green Cross Code’ approach.
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NewsAppeals made as foreign exchange class action proceeds on opt-in basis
The Competition Appeal Tribunal has ruled that a class action suit against banks for participating in a foreign exchange spot trading cartel must proceed on an opt-in basis, leading to fears that thousands of pension funds could miss their opportunity to join the suit.
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NewsPPF to reassess levy structure as part of funding strategy review
The Pension Protection Fund will conduct a full review of its levy methodology calculation over the next three years — with the goal of reducing scheme payments — as part of a revised funding strategy.
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NewsEx-Norton owner given suspended sentence over missing pensions
Stuart Garner, former owner of Norton Motorcycles, has been given a suspended sentence, after pleading guilty to illegally investing pension scheme money in his failing company.
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NewsTimms probes Treasury on tax charges to pension scam victims
On the go: Work and Pensions Committee chair Stephen Timms has written to HM Treasury asking for “clarity” on the tax treatment of pension liberation victims.
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NewsGovt could tweak transfer amber flag rules for overseas investments
On the go: The Department for Work and Pensions may amend defined benefit transfer scam rules so that low-risk overseas investments are no longer flagged.
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NewsGovt called to include paid-for advertising in online safety bill
On the go: Consumer group Which? is calling on the government to include paid-for advertising in the online safety bill, in a response to the boom in online scams.
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NewsPension transfer ‘red flags’ rise to 50% in January
On the go: Pension transfer ‘red flags’ increased to 50 per cent in January despite a dip in transfer activity, according to data from XPS Pensions Group.
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NewsJohnson ignores tax proposal on scam victims
Prime Minister Boris Johnson has failed to acknowledge three letters from a prominent campaigner on pension scams, which propose changes to tax rules over early pension access in a bid to protect scam victims.
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NewsOmbudsman cracks down on trustees with new anti-scam unit
The Pensions Ombudsman has launched a new specialist team dedicated to investigate breaches of trust, and allegations of dishonest and fraudulent behaviour by pension scheme trustees.
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NewsDefined benefit transfers fall to lowest level in four years
On the go: The number of defined benefit transfers has fallen to its lowest level since 2018, according to data from XPS Pensions Group.
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NewsTPR urges schemes to report suspected scams
On the go: The Pensions Regulator is urging more schemes to share data on suspected scams, after almost 400 schemes have joined its campaign to protect savers.
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NewsMPs support CDC development, call for DWP to scrap statement season
In a wide-ranging report, the Work and Pensions Committee has recommended that the government continue its work on collective defined contribution schemes and, separately, scrap the proposals for a “statement season” favoured by pensions minister Guy Opperman.
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NewsMultimillion-pound pension fraud suspect changes plea to guilty
On the go: A defendant charged with participating in a multimillion-pound pension fraud has changed his plea to guilty at a hearing.
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NewsFormer shadow pensions minister Jack Dromey dies aged 73
On the go: Former shadow pensions minister Jack Dromey, MP for Birmingham Erdington, has died at the age of 73.
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NewsMoD to reinstate Armed Forces Scheme member after scam transfer
The Ministry of Defence will have to reinstate a former member to the Armed Forces Pension Scheme and pay him £2,000 for severe distress and inconvenience, after wrongly allowing him to transfer to the Capita Oak Pension Scheme, a scam that invested in storage pods.
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OpinionPension scams – it feels like we might be winning
Broadstone’s technical director, David Brooks, details how the new transfer rules that came into force in November are expected to make a positive change in the fight against pension scams.
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NewsMajority of trustees lacking confidence in new scam rules
On the go: Almost three-quarters of trustees are not confident the new transfer rules will reduce pension scams in the long term, according to research.