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Information about transfers and pension scam victims

FOI reference - FOI-5452
Date - 9 February 2021

Request

  1. What do Occupational Pensions Regulatory Authority (OPRA)/ The Pensions Regulator (TPR) records show was meant to be done by ceding providers when a scheme member indicated they might want to make a transfer?

  2. Does Money and Pensions Service (MaPS), The Pensions Ombudsman (TPO), Financial Conduct Authority (FCA), TPR or any other body have data relating to which pension scam victims were given appropriate warnings by their ceding providers and which ones weren’t?

  3. Does MaPS, TPO, FCA, TPR or any other body have data relating to which pension schemes have an audit trail that shows they did comply with what was expected of them in relation to warning scheme members about the risk of pension scams and tax liabilities?

  4. If the date referred to in 1 and 2 doesn’t exist, would you be happy to organise a programme of activity to help get it? – perhaps this data could help many pension scheme victims understand if they have cause to complain?

  5. How would you deal with a pension scheme that appeared not to provide the warnings that should have been given? Would you be able to require they put the member back to the position they would have been in had the transfer not taken place?

  6. How, and to which body, should pension victims complain if they believe they were not given any warnings?

  7. Does this case have a bearing on matters in any way: Sun newspaper article dated 5 August 2018: Police officer who lost £135,000 in pensions scam wins cash payout because police bosses failed to do checks?

  8. Do you have any other thoughts on how we (ie all of us) might be able to help scam victims in relation to this particular matter?

Response

I can confirm that we hold some information falling within scope of your request. However, we are unable to supply some of the information requested for the reasons set out below.

Information we are able to supply under the FoIA in relation to your requests.

  1. What do OPRA/TPR records show was meant to be done by ceding providers when a scheme member indicated they might want to make a transfer?

The 'Shark' and 'Scorpion' campaign leaflets, which you highlighted, set out considerations to be kept in mind to help reduce the risk of members falling victims to scam activities.

Records of our material in this area throughout TPR’s existence can be found on the National Archive’s website

The National Archive’s website contains 162 copies of TPR’s website which were recorded on specific dates from 2006 onwards. Unfortunately, the search function does not look to work in the archived versions of our website. However, the links within each page are fully functional and can be used to review the content of our website on the specified date.

Manually searching for articles about pension transfers, without access to a working search function, within each instance of TPR’s website recorded on the National Archive’s website will take longer than our time and cost limit for addressing a single FOI request allow. Having reviewed several copies of our website, I can confirm that the editions of our website which the National Archive recorded on 10 February 2014 and 11 March 2018 both contain information about pension transfers. This information can be accessed by following the link entitled: ‘Individuals’ and on the next page the link called: ‘Pension Scams’ or ‘Pension Liberation’. This will take you to material TPR has provided about transfers and potential risks we have highlighted in relation to this subject.

Details of documents which were published by OPRA, our predecessor, can be found on the National Archive’s website.

Unfortunately, the National Archive does not hold copies of OPRA’s website. Rather the above weblink provides links to documents that OPRA published. I have tried searching for information about transfers contained within OPRA’s documents on the National Archive’s website, but this search did not return any results.

Details of TPR’s current approach to combat pensions scams can be found on our website using the following links: https://www.thepensionsregulator.gov.uk/en/pension-scams and https://www.thepensionsregulator.gov.uk/en/pension-scams/pledge-to-combat-pension-scams

Other useful information or advice we can provide regarding your requests outside of the FoIA.

The following responses concern requests for which TPR hold no information but which we are nevertheless, minded to provide a response under section 17 of the FoIA - duty to provide advice and assistance.

  1. Does MaPS, TPO, FCA, TPR or any other body have data relating to which pension scam victims were given appropriate warnings by their ceding providers and which ones weren’t?

We make no comment in respect of any other organisation.

TPR does not hold specific data relating to whether or not scam victims were given appropriate warnings by ceding providers.

However, as you are aware TPR has taken regulatory action in respect of scam cases. Details of TPR’s enforcement activity in respect of scams (and other areas of its regulatory activities) is publicly available on our website.

  1. Do MaPS, TPO, FCA, TPR or any other body have data relating to which pension schemes have an audit trail that shows they did comply with what was expected of them in relation to warning scheme members about the risk of pension scams and tax liabilities?

We make no comment in respect of any other organisation.

TPR does not hold this specific information. 

  1. If the date [sic] referred to in 1 and 2 doesn’t exist, would you be happy to organise a programme of activity to help get it? – perhaps this data could help many pension scheme victims understand if they have cause to complain?

We do not hold this information and do not consider it an appropriate use of our resources at this time to obtain it.

Details of TPR’s efforts to deal with pensions scams can be found on our website using the following links: https://www.thepensionsregulator.gov.uk/en/pension-scams and https://www.thepensionsregulator.gov.uk/en/pension-scams/pledge-to-combat-pension-scams

TPR is also involved in Project Bloom. Further details of Project Bloom can be found on the GOV.UK website

  1. How would you deal with a pension scheme that appeared not to provide the warnings that should have been given? Would you be able to require they put the member back to the position they would have been in had the transfer not taken place?

We do not hold this information.

For further information in respect of TPR’s approach in dealing with pension scams please refer to: https://www.thepensionsregulator.gov.uk/en/pension-scams and https://www.thepensionsregulator.gov.uk/en/pension-scams/pledge-to-combat-pension-scams

  1. How, and to which body, should pension victims complain if they believe they were not given any warnings?

If scheme members believe that appropriate procedures were not followed they should seek professional advice as to options that may be available to them including the possibility of bringing the matter before TPO.

  1. Does this case have a bearing on matters in any way: Sun newspaper article dated 5 August 2018: Police officer who lost £135,000 in pensions scam wins cash payout because police bosses failed to do checks?

We make no comment in respect of this case or its impact (or not) in combatting pension scams.

  1. Do you have any other thoughts on how we (ie all of us) might be able to help scam victims in relation to this particular matter?

In TPR’s view, the best thing is to stop scam victims becoming victims in the first place. Education and awareness are the best defences, not just for members, but for all those involved in pension scheme operations and administration. It is also important for people who believe that they have been scammed, or have spotted a potential scam, to come forward and report that.

For further information in respect of TPR’s approach in dealing with pension scams please refer to: https://www.thepensionsregulator.gov.uk/en/pension-scams and https://www.thepensionsregulator.gov.uk/en/pension-scams/pledge-to-combat-pension-scams

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