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An open door for scammers?

Recent reports highlight that the Work and Pensions Select Committee of MPs are concerned about the potential for scams following the introduction of Pension Freedoms this year.

This is a subject that we have already featured several times on the Jelf Blog, and one that we think is really important for employers (and of course their employees) to be fully aware of. For more information, and some useful links to help employers, please see our post from earlier this year here.

Returning to the Work and Pensions Select Committee announcements, apparently they Committee have also concluded:

* A pensions dashboard – allowing people to view all their pension savings and entitlement in one place – was “long overdue”.

* A lack of research to track what people decide to do with their pension savings was not a good sign

* The level of charges involved needed more investigation

* The Pension Wise website is not yet fit for purpose

So the above is a clear marker that yet more change lies over the horizon, even in the unlikely event that no further alterations are made to the shape of pensions following the outcomes of the “Strengthening the Incentive to Save Consultation“.

We will continue to keep you posted on such news as it develops.

For the full original article and other similar posts please visit the Jelf Group blog http://www.jelfgroup.com/blog/.

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