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Tops Tips to Avoid Pension Transfer Scamming
The Pensions Regulator (TPR) has recently acknowledged that pension scammers are being caught out and hindered by action from the government, regulators, the Work and Pensions Committee, and the wider industry, but added that vigilance is still needed.
On 22 May, speaking at the Association of Member-Directed Pension Schemes’ conference, TPR’s Anthony Raymond said that the plan to ban cold-calling is a welcome step-forward in protecting consumers, and that a recent High Court ruling, which saw four scammers ordered to repay £13.7million they had swindled from 245 victims, sent a clear message to fraudsters.
However, while this court action to regain funds for scam victims is brilliant news, the recommendations for pension savers are clear: stay aware of fraudulent activity and seek independent, regulated pensions advice before signing anything.
Blacktower’s top tips for scuppering the scammers
Expats a Factor in Huge Pension Withdrawals
Expat pension needs are one of the major reasons behind the £15.3 billion the Financial Conduct Authority (FCA) say was was taken from pensions during 2016/17.
The high level of withdrawals is no doubt attributable to the increased flexibility afforded UK pension savers by the introduction of landmark reforms over the past few years.
The £15.3 billion figure was disclosed following a Freedom Of Information request to the Financial Conduct Authority (FCA) and is a massive 173% increase on the £5.6bn that was withdrawn in 2012/13.
In fact, the second quarter of 2017 saw the highest quarterly level of pension withdrawals in five years – no doubt including many expat pensions withdrawals – with more than 40,000 people withdrawing £4.3bn from their pensions.