Pensions - Articles - PLSA comment on response to the report on Pension Scams

The Pensions and Lifetime Savings Association (PLSA) has today (Monday) commented on the Government’s response to the Work and Pensions Select Committee’s third report of session 2017-19 (l). The response looks at pension scams and the issue of guidance at retirement.

 James Walsh, Policy Lead: Engagement, EU and Regulation at the Pensions and Lifetime Savings Association (PLSA) said:  “We are pleased to see that the Government has chosen to move more quickly on tackling pensions scams and this announcement is a useful step forward. However, while the cold calling ban is welcome, it is not a water-tight solution. Some scammers will still work to find a way around legislation by – for example – calling from overseas. We look forward to continuing to work closely with government to tackle this issue.”

 Commenting on measures to increase the take-up of guidance, Tim Gosling, Policy Lead: Defined Contribution, added: “Free and impartial guidance is a critical piece of the retirement puzzle and it will go some distance to getting savers the outcome they deserve but we do not believe guidance will be enough on its own.

 “The vast majority (84%) of retirees tell us they want an income from their pension savings. But there is no easy or obvious way for retirees to find a good quality income product for those who cannot or choose not to engage with complex financial choices. We think that trustees should be able to select an appropriate income product, which meets Government standards, and signpost their members to it.

 “Of course, retirees would be free to disregard this steer and make their own choices but providing clear signposting would help those who might otherwise have struggled to make a decision.”

 Government response to Protecting pensions against scams: priorities for the Financial Guidance and Claims Bill

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