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A crackdown on pension scams has been outlined by the Government, as figures show fraudsters tricked savers out of nearly £5m collectively in the first five months of 2017.
Actions include a ban on all cold calling in relation to pensions, including emails and texts; a tightening of rules to stop scammers opening fraudulent pension schemes; and tougher action to halt the transfer of money from occupational pension schemes into fraudulent accounts.
to the Parish annually for supporting them; Two honourable Gentlemen of the Town offer'd to build a commodious House for Lodging and Dieting all those Poor, provided the Parish would consent to dispose of their Weekly Allowances under such a Management, as might, with the Produce of their Labour, wholly maintain them.
THE Parishioners, taking the same into their Consideration, thankfully accepted of this Offer, and submitted the Direction of it to such Management, as the said Gentlemen should prescribe. Matthew Marryott, of Olney in Buckinghamshire, having, with great Success, directed the setting up Houses of Maintenance for the Poor in Buckinghamshire, and other Counties, was invited to Greenwich, to propose a Plan, by which the like might be done there.
The Government-backed Pension Wise service gives guidance to people about their options.
The Government said new figures show nearly £5m was obtained by scammers targeting private pensions in the first five months of 2017.
In 1725, the first edition of An Account of Several Workhouses...
included a IT being observ'd that the Poor are very numerous, and cost about 800 l.
That those that are absolutely necessitous, are better provided for than they were before ; and many of those were before burthensome to the Parish, have exerted themselves, so as to live by their own Industry, to avoid giving that Burthen ; by which, the Parish have already sav'd considerably. They are furnish'd with old Cable cut into Pieces, commonly called Junk, from the King's Yard at Deptford, to be pick'd into Oakum, for which they allow the Work-house 4 s. THAT there be Annually chosen by the Vestry, such Gentlemen and others, as the Parish Shall think most proper to inspect the Affairs of the House.The Government is also tackling scammers by ensuring that only active companies, which produce regular, up-to-date accounts, can register pension schemes.Limiting transfers of pension pots from one occupational scheme to another will mean trustees must check their receiving scheme is regulated by the Financial Conduct Authority (FCA), has an active employment link with the individual, or is an authorised master trust.It is estimated that £43m has been unlawfully obtained since April 2014.The minister for pensions and financial inclusion, Guy Opperman, said: “Today’s figures highlight the extent to which people’s savings are being targeted and stolen through elaborate hoaxes – leaving them with little opportunity to build up their savings again.