Gov't Urged To Issue New Powers To Fight Pension Scams

Law360, London (September 7, 2020, 5:05 PM BST) -- The retirement savings watchdog should have the power to block a pension transfer if it suspects a scam is taking place, a police think tank said in a report on Monday.

The Police Foundation said the government should introduce new powers for The Pensions Regulator and companies to protect savers from opportunistic fraudsters.

The report, which was drafted with the help of a workplace savings company, The People's Pension, found that almost 1,000 customers with combined funds of £54 million ($70 million) were targeted by scams last year.

Pensions companies are able to raise the alarm on potentially fraudulent activity with...

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