Pension Scams

Lord Kirkhope of Harrogate Excerpts

Wednesday 14th October 2020 Lords Chamber

[Baroness Stedman-Scott (Con)]

I apologise to the noble Baroness; I had trouble hearing her question. Perhaps I may read Hansard and write to her directly with a reply.

[Lord Kirkhope of Harrogate (Con) [V]]

My Lords, I refer to my entry in the Members’ register. Having heard my noble friend’s answer a moment ago to the noble Baroness, Lady Drake, I would nevertheless like to pursue the matter of the responsibilities of trustees and pension administrators. We are very sympathetic to beneficiaries who are subject to scams, but would it not be a good idea to oblige beneficiaries who wish to transfer pension pots to be in interpersonal contact with their administrators before that is permitted? Much of the paperwork at the moment is part of the scam itself, and trustees and administrators need some further protection from their liabilities.

[Baroness Stedman-Scott (Con)]

I take my noble friend’s point. The contribution that he has made just heightens the need for us to have more dialogue on this with the Minister for Pensions. However, as I have already said, the Government are taking further legislative action through the Pension Schemes Bill to enable regulations to be made prescribing conditions that, if not met, will limit an individual’s statutory right to transfer.