known amount of funds paid into pension scams now stands at £495m in total. However, it is suspected that this amount is likely to be substantially higher and not all activity is reported.”
As part of the new awareness drive, The Pensions Regulator has refreshed its ‘Scorpion’ campaign material to reinforce the message to consumers not to be ‘stung’ by cold calls, text message spam or website offers claiming to be able to help them cash in their pension. The regulator is urging pension trustees and providers to include the leaflet in the next annual statement sent to members, and anyone who requests a transfer in the meantime. Pensions minister Steve Webb has warned: "Although quick-fix pension release schemes may seem tempting, particularly when times are tough, people should make sure they understand all the implications before they sign on the dotted line. A joint industry and Government operation is working to stamp out these unethical, exploitative, poor value offers - but I would urge anyone who is approached to think carefully, consider seeking advice and, if in doubt, steer clear.” The new campaign is being led by the Department for Work and Pensions, The Pensions Regulator, The Pensions Advisory Service, Money Advice Service, Financial Conduct Authority, Serious Fraud Office, HMRC, Action Fraud, National Crime Agency and City of London Police.
Visit www.pension-scams.co.uk for more information.
Draft legislation on changes to the annual pension allowance
30 July 2014
Draft legislation has been issued with a number of proposed changes to the annual allowance.
The draft legislation includes a provision to ensure that pension scheme administrators will not normally have to test deferred benefit rights against the annual allowance. It also seeks to address some unintended outcomes for the ‘scheme pays’ facility as well as the treatment of certain transfers of pension pots.
Government proposes pension passport system
31 July 2014
Pensions minister Steve Webb is reportedly considering the creation of a pensions passport to keep all of an individual’s retirement information in one place. This idea is intended to recognise the risk that people who amass several pension policies in the course of a working life could forget some.
We are grateful to Professional Adviser for this report:
The days of working for one employer for life, and in turn having just one pension pot to keep track of, are long gone.
However, government initiatives such as pot-follows-member are trying to make life easier for people.
The government’s response to the Freedom and Choice in Pensions consultation confirmed it would work with the Financial Conduct Authority, The Pensions Regulator and other key industry stakeholders to consider how people can “quickly and simply access information on multiple pots in an easily usable format”.
CIPP Policy News Journal
08/04/2015, Page 383 of 521
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