Pension schemes urged by DWP to 'fight' criminals stealing thousands from your savings

Between January 27 to the present, the PSIG detailed it has been receiving a “steady stream” of new applications to join.

However, it warned many large schemes still do not data-share, which weakened Project Bloom’s ability to tackle scams.

Last month, Boris Johnson was forced to acknowledge action needs to be taken on pension scams.

During a Prime Ministers Questions in early February, Stephen Timms, the chair of the Work and Pensions Select Committee, warned of fraud problems that have resulted from the pension freedom rules: “It’s been estimated that 40,000 people were scammed out of their pensions in the five years after the pension freedoms took effect in 2015.

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