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Pensions

Department for Work and Pensions written question – answered on 7th November 2014.

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Photo of Annette Brooke Annette Brooke Chair of the Liberal Democrat Parliamentary Party

To ask the Secretary of State for Work and Pensions, what steps he plans to take to ensure that consumers are protected from rogue pension schemes.

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

Under Project Bloom DWP and other agencies are already working together with the pensions industry to crackdown on pensions scams. Actions include:

· A tightening of HMRC’s pension scheme registration, as called for by industry, including the introduction of a fit and proper person test.

· A further wave of the Pensions Regulator’s well-received Scorpion information campaign highlighting the threat posed by pension scams, with further waves happening early next year.

· The launch of the Financial Conduct Authority’s Scamsmart campaign.

· Police raids.

· Closing down websites used to facilitate pension scams.

More generally, the Pensions Regulator and the Financial Conduct Authority work together with trustees and providers to ensure that occupational pension scheme members’ and consumers’ contract based pensions are safe.

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