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Pension Body Failing To Record Reasons For Scam Referrals

Investments

Pension Body Failing To Record Reasons For Scam Referrals

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By Martin Croucher (August 12, 2022, 1:45 PM BST) — The government’s pension guidance service is failing to record why almost half of all pension transfers are being recorded as suspicious, an advisory company said Friday.

Some 44% of referrals for official guidance under new fraud-fighting rules were for made “unknown” reasons, the Money and Pensions Service revealed in a response to a Freedom of Information request made by advice company Quilter PLC.

The government introduced new regulations in November 2021 that require pension trustees to pause or block a pension transfer if they suspect the member of the retirement scheme is being duped. Savers who are affected are offered appointments at…

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