Pensions - Articles - Pension scams, their implications and prevention

 Scams: barely a week goes by without a headline outlining losses suffered by victims to these hideous crimes. In an outline presentation followed by panel discussion, we aim to investigate why scammers have, and still are, targeting the pension market, the techniques they use, and how some scams can be spotted and prevented.

 We also look at the implications for members and pension providers, how processes to prevent scams can slow down transfers and benefit payments. We examine legislation, the action that the industry has taken, along with the support and guidance already on offer to consumers. The Regulator has had some recent success in the prosecution of criminals who have promoted some of these “investment opportunities”, but it is a protracted process. Recent consultations have also suggested additional measures, but have been delayed in their implementation due to the General Election. What can we do collectively to protect the consumer?

 I will discuss all of these issues and more at the annual Self-Invested Pension Planning Now conference, due to take place Thursday 28 September 2017. Joining me in the debate are:

 Michelle Cracknell, Chief Executive, The Pensions Advisory Service Ltd (TPAS)
 Margaret Snowdon OBE, Pensions Director and Non-Executive Director. Chairman of the Pensions Administration Standards Association (PASA)
 James Walsh, Policy Lead: EU & International, Pensions and Lifetime Savings Association