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Pensions: Fraud

Question for Department for Work and Pensions

UIN 51610, tabled on 1 June 2020

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 start of covid-19 outbreak.

Answered on

9 June 2020

To assess and respond to the impacts of Covid-19 on the pension industry and pension savers, DWP has established a cross-government and regulator group and has been working with the pension industry to understand emerging impacts.

This group is informed by a separate data monitoring group that co-ordinates the aggregation of data from a range of sources, including government, regulators and pension industry bodies, to identify trends including any increase in pension scams activity.

Data received so far has revealed little evidence of an increase, however it may take time for impacts to materialise. We will of course continue to monitor the situation to assess if there has been any increase in pension scams activity as a result of the crisis.

The PPF, in collaboration with regulators and pensions bodies, recently published a guide,’COVID-19 and your pension: where to get help’, which answers common pension concerns and helps individuals find the right support. This includes guidance for individuals who are concerned about pension scams.