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According to a Wealth at Work survey with the Pensions Management Institute, some 94% of trustees fear members approaching retirement will be targeted by scammers.
Such fears are not unfounded. Earlier this year, the Pensions Administration Standards Association published its counter fraud guidance for UK pension schemes, trustees and providers, after revealing industry research which showed that fraud is costing the pensions industry some £6.2bn per year. Furthermore, the Pension Scams Industry Group (PSIG) estimates that some 40,000 people may have lost a total of £10bn to pension scams since 2015.
Yet, while scams maybe the most visible way in which members can lose money from their pensions, members are also at risk from receiving inappropriate investment advice or simply making the wrong decisions at retirement – both of which could lead to poor outcomes in retirement.
There is a glimmer of hope though – regulators are bringing in a range of measures to help protect against scams and poor member decisions; industry bodies are stepping up with codes of good practice and an increasing number of trustees are providing financial education or guidance or facilitating regulated advice for members.
This webinar will look at the challenges members face from both pension scams, inappropriate advice and poor decision making; assess what trustees and employers should do and look at both the risks of trustee boards not providing education, guidance and regulated advice as well as the challenges they face in providing it.