The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list. 19 schemes have been added and 5 have been removed.
An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
The requirements to be a ROPS changed from 6 April 2017 - find out about the changes for ROPS requirements.
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FCA and TPR join forces in new ScamSmart launch 15 August 2018
Regulators warn public of pension scammer tactics as victims report losing an average of £91,000 in 2017
A new campaign to tackle pension scams has been launched by The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) who are urging the public to be on their guard when receiving unexpected offers about their pension and to check who they are dealing with. The two regulators have launched a new ScamSmart advertising campaign targeting pension holders aged 45-65, the group most at risk of pension scams. This comes as a new poll commissioned by the regulators reveals that almost a third (32%) of pension holders aged 45 to 65 would not know how to check whether they are speaking with a legitimate pensions adviser or provider. (Check the FCA Register and only use firms authorised by the FCA). Highly sophisticated scammers lure people into transferring their pensions into fraudulent schemes, stealing an average of £91,000 per victim. Victims of pension scams can lose their life savings, and be left facing retirement with limited income. The FCA and TPR are calling the public’s attention to the tactics used by pensions scammers. One of the most common tactics is to offer a ‘free pension review’. Research reveals that one in eight 45-65-year-olds surveyed (12%) said they would trust an offer of a ‘free pension review’ from someone claiming to be a pension advisor. Cold calling is currently by far the most common method used to initiate pension fraud. Other scam tactics include: • unexpected contact about your pension via phone, post or email • promises of guaranteed high returns and downplaying the risks • offering unusual or overseas investments that aren’t regulated by the FCA, eg overseas hotels, forestry, green energy schemes • putting people under pressure to make a quick decision, for example with time-limited offers and sending a courier round with paperwork to sign • claiming to be able to unlock money from an individual’s pension (which is normally only possible from age 55).
It is believed that only a minority of pension scams are ever reported. The FCA and TPR are urging anyone who believes they may have been targeted to come forward.
Be ScamSmart with your pension and always check who you are dealing with. The regulators recommend four simple steps to protect yourself from pension scams:
1. Reject unexpected pension offers whether made online, on social media or over the phone.
2. Check who you’re dealing with before changing your pension arrangements. Check the FCA Register or call the FCA contact centre on 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA.
3. Don’t be rushed or pressured into making any decision about your pension.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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