In a bid to prevent further pension scams in the UK and ensure better protection for those at risk, an influential group of campaigners at the forefront of change in the pensions industry have implored the UK government to introduce a pension scams database. The jury is out for what this could mean for UK pension savings, but it can only mean good things. Here’s what a pension scams database could entail. 

Who’s proposing the pension scams database?

In an online meeting hosted by the Transparency Task Force in July, the TTT founder Andy Agathangelou took questions from the All-Party Parliamentary Group on Pension Scams (a prominent question being that of the feasibility of a pension scams database). 

Should this be sanctioned, it will be a huge step in the right direction and one that should significantly reduce the numbers of pension savers becoming victimised by scammers. The parliamentary group is due to launch formally in September, and has courted attention from numerous global pension authorities, politicians, and a large number of MPs. 

Talking of the threat of pension scams to UK savers, Agathangelou stated:

“We have got a British public woefully exposed, that are easy prey for horrible characters. Can we do more to protect people and look after them? I and others are going to do all we can to build on momentum that has been built up already.”

How else can we prevent pension scams in the UK?

It’s very encouraging that something as wide-ranging and relevant to everybody as a national database could soon be coming. It has the potential to completely root out a lot of pension scams before they cause irreversible damage to people’s savings. 

That said, there needs to be accompanying methods of prevention too. We recommend that such efforts start on the individual level because information together equals a stronger national awareness.

To ensure that you are clued up on common pension scam techniques and the telltale signs that you may have been mis-sold a financial product, take a look at the following content.

We can help with your mis-sold SIPP claim

If you would like more guidance around pension scams, mis-sold SIPP claims and whether or not you could claim compensation, please get in touch. We have a team of pension claims management experts who are happy to help you with your case.