Fiona Tait, pensions specialist at Royal London commenting on the proposals outlined by the Pensions and Lifetime Savings Association to tackle pension scams, said:
“Royal London is supportive of any measures which help to reduce the danger of their members being scammed out of their retirement savings. It is currently far too easy to set up new schemes which can be used to direct people’s pension monies into unsuitable investments.
“The requirement for an independent and suitably qualified trustee should help to ensure that every pension scheme follows the primary objective, to build up funds for their members’ retirement. These individuals will be responsible for looking after individual schemes and will also help to rebuild trust in pension savings. It is vital therefore that they are carefully selected and can demonstrate agreed standards of both technical competence and practical experience before being authorized to act in this capacity.”
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.