Commenting on the 'Pension Scams: Consultation Response' from the Department for Work and Pensions and HM Treasury, James Walsh, Policy Lead: Engagement, EU and Regulation at the Pensions and Lifetime Savings Association (PLSA) said:
“While this is a step in the right direction, there is much more the Government could do to protect savers from pension scams sooner rather than later. People are at risk of losing their pension savings to scammers and we need a clear timetable from Government on when it will implement key elements of its proposals. We need more urgency.
“The cold calling ban which covers all forms of electronic communication is welcome, but we are concerned that the required ‘employment link’ will simply be abused by scammers setting up all manner of fake employment relationships. The legislation later this year to ensure that only active companies can register a new scheme looks like a positive step, but – again – it will need careful implementation to ensure scammers cannot abuse it.
“We are pleased to see the Government recognises the attraction of the more ambitious authorisation regime that the PLSA has proposed. We still think the Government should be pursuing this now, rather than waiting to see how the Master Trust regime fares once it is introduced in 2019."
NOTES TO EDITORS
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 007713, E: [email protected]