Written evidence from Name Withheld [PPS0031]

The points I would like to make are as follows:

1. A lot of scams relate to smaller schemes, which seem to be off the Pension Regulator’s radar.
2. The Pensions Regulator has a statutory duty to protect scheme members, but its website is not very user-friendly for individuals to whistle-blow on dodgy trustees.
3. It should be made clearer to members that the Pensions Regulator has power to change trustees, but the Pensions Ombudsman does not.
4. The Pensions Regulator relies too heavily on appointing Dalriada as replacement trustee, so it has a lot of schemes to administer and recover funds for; appointing other trustees to share the burden would be a good idea.
5. HMRC should have some discretion whether or not to pursue former members for tax on unauthorised lump sums where a scam has caused them financial hardship.

September 2020