Pensions - Articles - PLSA on new timeline for legislation on pension scams


Commenting on the Government announcement that draft legislation to ban cold calling (including texts and emails) will be published in early 2018 (click here for statement), James Walsh, Policy Lead: Engagement, EU and Regulation at the Pensions and Lifetime Savings Association (PLSA), said:

 “We have been calling on the Government to show more urgency in tackling pension scams, so this indication of when we can expect draft legislation is a step in the right direction. But we are still a long way from the cold calling ban actually taking effect and the Government will need to keep up the momentum.

 “However, with the vast majority of defined benefit/hybrid schemes reporting transfer requests and almost a third rejecting some due to due diligence concerns, we feel that there is more that needs to be done.

 “We would like to see the Government take a more ambitious approach by introducing an authorisation regime for pension schemes.

 This would mean only allowing transfers to schemes recognised as legitimate and trustworthy. Any small scheme (‘SSAS’) that wishes to receive transfers would have to include an independent trustee on its trustee board with a duty to ‘blow the whistle’ on scam-related activity. Alongside the new regulatory regime for master trusts and existing FCA regulation of many providers, this would be a big step towards shutting the scammers out of pensions.”
  

Back to Index


Similar News to this Story

DWP urged to remain invested in Pensions Dashboard
ICAS is urging the UK Government to stay onboard with the Pensions Dashboard Project.
A travesty if Pensions Dashboard is scrapped
Recent speculation suggests that the Secretary of State for Work and Pensions, Ester McVey, is looking to scrap the hugely anticipated pensions dashbo
Individuals resist sacrificing home to pay for care
As government prepares to launch Green Paper, views differ on how and how much individuals should be required to pay.

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.