It wasn’t long ago when the pensions industry was begging the government to stop tinkering with pensions, to give them a break and allow the significant reforms of this decade to bed in. To be fair, the government did exactly what was asked. Faster than you can say ‘Brexit’, parliament’s interest in the pensions system – and seemingly anything that didn’t directly involve the EU negotiations or in-party squabbling – decreased.
One in 20 pension transfers are ‘dodgy’, Pensions Administration Standards Association (Pasa) president and Pensions Scams Industry Group (PSIG) chair Margaret Snowdon has warned. Speaking at PASA’s annual conference yesterday, Snowdon revealed the results of The PSIG Scams Survey Pilot 2018 research into 27,000 transfers, worth £1.3bn. “What we discovered is the more transfers, the more scams you find. We found that 5 per cent, which is one in 20, transfers that we process every day is dodgy.
Y'all might think you work with a great team, but you don't work with one as great as mine. We've just got through a horrendous few weeks at work, and they've surprised me with flowers for getting the mag to press through it all! @PensionsAge#bestteampic.twitter.com/mZ1vsE7YW1