Work and Pensions Committee report on scams

The Pensions Ombudsman welcomes the Work and Pensions Committee report ‘Protecting pension savers – five years on from the pension freedoms: Pension scams’ and its recommendations for a more joined-up approach to tackling pension scams.

 Anthony Arter, Pensions Ombudsman said:

 “Pension scams are devastating for people and more must be done not only to prevent them in the first place but also to enable quicker redress for scheme members and the recovery of funds they might otherwise not receive, as well as holding trustees personally accountable. The Pensions Ombudsman investigates complaints about scams and this is the approach we have taken with a number of cases including CAS-30918-M4P3 (Norton MC) where the trustee was found to be personally liable. We work closely with regulators, other bodies and independent trustees and would welcome the opportunity for increased collaboration and powers in the future.”