Pension Scams

Debate between Lord Taylor of Warwick and Baroness Stedman-Scott

Wednesday 14th October 2020 Lords Chamber

[Baroness Stedman-Scott (Con)]

I can confirm that the Government are well aware of this issue. I referred earlier to Project Bloom, which brings together government departments, regulators, enforcement agencies and industry representatives to share information and co-ordinate actions that will deal with situations such as this. I can confirm that we, particularly the Department for Digital, Culture, Media and Sport, are already engaging with technology companies.

[Lord Taylor of Warwick (Non-Afl) [V]]

My Lords, this study report is most welcome but there is an area that needs looking at for the future. Ethnic minority pensioners are said to be 24% worse off than white pensioners; indeed, the average total pension of BAME women is 51% less than that of white men. This pension inequality will become starker as the growing BAME population reaches retirement age, which may make BAME pensioners even more vulnerable to scams. Does the Minister agree that the Government also need to look into these related and relevant BAME pension issues?

[Baroness Stedman-Scott (Con)]

I say to the noble Lord that the Government must look into these matters. It is a great concern that people from BAME communities should be disadvantaged in such a way, and we will certainly do that.