PLSA comments on new timeline for scams legislation

Commenting on the Government announcement that draft legislation to ban cold calling (including texts and emails) will be published in early 2018 (click here for statement),  James Walsh, Policy Lead: Engagement, EU and Regulation at the Pensions and Lifetime Savings Association (PLSA), said: 

“We have been calling on the Government to show more urgency in tackling pension scams, so this indication of when we can expect draft legislation is a step in the right direction. But we are still a long way from the cold calling ban actually taking effect and the Government will need to keep up the momentum. 

“However, with the vast majority of defined benefit/hybrid schemes reporting transfer requests and almost a third rejecting some due to due diligence concerns, we feel that there is more that needs to be done. 

“We would like to see the Government take a more ambitious approach by introducing an authorisation regime for pension schemes.  This would mean only allowing transfers to schemes recognised as legitimate and trustworthy. Any small scheme (‘SSAS’) that wishes to receive transfers would have to include an independent trustee on its trustee board with a duty to ‘blow the whistle’ on scam-related activity. Alongside the new regulatory regime for master trusts and existing FCA regulation of many providers, this would be a big step towards shutting the scammers out of pensions.” 

-Ends- 

NOTES TO EDITORS: 

PRESS CONTACTS 

Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association T: 020 7601 1726, M: 07713 073 023, E: [email protected] 

Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association T: 020 7601 1748, M: 07901 007 713, E: [email protected] 

Eleanor Carric, PR Manager, Pensions and Lifetime Savings Association T: 020 7601 1718, M: 07825 171 446, E: [email protected] 

METHODOLOGY: 

The PLSA undertook a short survey of its fund members in October and November 2016 examining pension transfers. 76 fund members responded. 

ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION 

We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels. 

Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.