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Pensions: Fraud

Work and Pensions written question – answered on 18th July 2013.

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Photo of Dan Jarvis Dan Jarvis Shadow Minister (Culture, Media and Sport)

To ask the Secretary of State for Work and Pensions how many non-UK-based companies are currently being investigated by the Pensions Regulator for the misappropriation of UK pension funds; and if he will make a statement.

Photo of Steve Webb Steve Webb The Minister of State, Department for Work and Pensions

The existence of the anti-avoidance powers acts as a strong deterrent and enables the Pensions Regulator to ensure the best outcome for schemes and members without invoking those powers. Consequently, it has not found it necessary to use its powers on a widespread basis.

Decisions on whether to use its anti-avoidance powers are made by the Regulator's Determinations Panel, which although legally part of the Regulator, is not involved in the investigation of cases. Once a determination has been made the outcome is then made public.

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