Protecting pension savers—five years on from the pension freedoms: Pension scams

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Contents

Summary

Recording and reporting

Prevention

Enforcement

Supporting pension scam victims

1 Introduction

2 Recording and reporting

Scale of pension scamming

Definition of a pension scam

Victim reporting

Action Fraud

Secondary scammers

Industry reporting

Reports to Action Fraud

Industry intelligence sharing

Cross-border scamming

3 Prevention

Right to transfer

Online promotion of scams

ScamSmart

Advice and guidance

Guidance

Enhanced guidance or limited advice

Pension Advice Allowance

4 Enforcement

Public bodies and the use of enforcement powers

The Pensions Regulator

The Financial Conduct Authority

The Insolvency Service

HMRC

Information Commissioner’s Office

Police service

Serious Fraud Office

The Pensions Ombudsman

The Financial Ombudsman Service

Views on enforcement

Project Bloom

5 Supporting pension scam victims

HMRC

Tax bills for pension scam victims

HMRC’s membership of Project Bloom

Professional trustees

Fraud Compensation Fund

Supporting someone after a pension scam

Conclusions and recommendations

Formal minutes

Witnesses

Published written evidence

List of Reports from the Committee during the current Parliament