Pension news and articles written by actuaries for actuaries - read the latest research pieces, today's news and latest articles in the Pension's market.

Pension scammers are simply ignoring the law

“Pension fraud is an urgent and potentially devastating crime for its victims and the problem is not going to go away on its own, so I welcome the Work and Pensions Select Committee’s continued interest to co-operate with the industry and tackle the problem.

“Covid-19 has presented a clear opportunity for fraudsters to prey on the growing financial fears of their victims. A Canada Life survey found that 5.2 million UK adults (11%) had either fallen victim or knew someone who had fallen for a scam since March with one in four of these (28%) relating specifically to pension fraud*.

“During the session The Pensions Regulator also revealed that at least £54m of lost pension savings were under investigation, involving over 18,000 savers. However this is likely only to be a fraction of the scale of the problem as many cases will go undetected for years or the victims may feel shame or embarrassment in coming forward.

“While falling prey to scams hits victims financially, there are also quite severe hidden costs to mental health as people’s ability to trust is shattered overnight. Despite the public message campaigns and the ban on cold-calling, the scammers are either simply ignoring the law or looking to sophisticated campaigns over social media in order to con people out of their savings. The rapid rise of romance scams and using the Track and Trace service only serves to show we all need to be vigil...Read More

Brexit deal saves state pension increases

As a result of Brexit, individuals will no longer have an automatic right to work or live in the EU. However, the last minute Brexit deal has brought welcome news to UK citizens who plan to and are permitted to move to and retire in the EEA or Switzerland in future.

Those who were already living in the EU before 31 December 2020 had been reassured that they will receive the same uprating to UK state pensions as paid to those living in the UK, which is currently based on the generous ‘triple lock’, or the highest of earnings growth, price inflation or 2.5% each year. But had no deal been struck, this might not have been the case for those moving abroad and retiring in future. The loss of inflation protection on a full state pension could have cost overseas pensioners around £...Read More

Pension scam busting campaign hits over 100 pledges

The Pensions Regulator (TPR) launched its latest anti-scam campaign on 10 November, calling on administrators, providers and trustees to play their part in stopping fraudsters and signing up to the pledge to combat pension scams.

A month on from the campaign’s launch, 117 pledges have been made, including three master trusts, which alone represent 50,000 savers.

A further 37 of those that pledged have also self-certified to confirm they have adopted stringent practices on due diligence, member warnings and reporting scams demanded by the pledge campaign.

To make the pledge trustees, providers and administrators agree to:
1. regularly warn members of the risk of scams
2. encourage those requesting cash drawdown to call The Pensions A...Read More

Pensions Dashboard update and next steps for schemes

Lifestyle Actuary

Dalriada Trustees Limited (Dalriada), one of the largest providers of professional trustee services to pensions schemes in the UK, has today announced the appointment of Sarah Brough as a professional trustee.

The Luddite

The Samsung galaxy Note 3 is one of the biggest phone launches of the year, both literally and figuratively speaking. The idea of a ‘phablet’ is one which Samsung introduced to the smartphone market.

Travelling Actuary

This month's Travelling Actuary takes us to the iconic Boston to experience New England at it’s very best.

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