To ask the Secretary of State for Work and Pensions, how many people have (a) contacted Action Fraud regarding potential pension scams and (b) booked a Pension Wise guidance session since the start of the covid-19 outbreak.
23 October 2020
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. All of the participating organisations 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.
To ensure that people are able to fully access support and make informed decisions, a collaborative approach has been taken with the TPR, the FCA and MaPS in communicating to savers, to use Pension Wise or the Pensions Advisory Service channels for guidance before making decisions about retirement. There have been a total of 79,967 bookings for a Pension Wise guidance session between March 1st– October 20th 2020. The government is also taking action with the Pensions Schemes Bill.