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Pensions: Fraud

Question for Department for Work and Pensions

UIN 87526, tabled on 9 September 2020

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.

Answered on

17 September 2020

The Government continues to work with Regulators and the Police to prevent scams and this has continued during Covid-19. In the period March – July 2020, 116 reports of pension fraud were received by Action Fraud, compared to 179 for the same period in 2019.

In recognition of the potential impact of Covid-19 on individual’s 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.