View more on these topics

Western Union ‘Existence’ service targets false overseas pension claims

Payment services specialist Western Union has launched a product aimed at reducing false overseas pension claims.

Western Union Business Solutions is trialling the new ‘Existence’ service in the UK, with the aim of expanding to other global markets in 2014.

The service is designed to help pension funds maintain up-to-date records by requiring overseas members to pick up a payment in person once a year from their local Western Union retail location.

Western Union says around £33m could be saved by eliminating false pension claims abroad.

A WUBS spokeswoman says the firm will work with individual pension administrators to determine how to proceed if an overseas member does not identify themselves within a 12 month period.

WUBS president Raj Agrawal says: “Pensions administrators can use Western Union’s new existence service to help ensure that all overseas payments are going to the correct recipients. 

“It has been specifically designed to make the payments process as smooth as possible for both the overseas pensioner and the administrator.

“Savings of even one per cent could be significant.”



L&G puts 600 jobs at risk following savings restructure

Legal & General has put 600 jobs at risk following a restructure of its savings and protection businesses. The restructure, which was announced in June, saw the savings and annuities and protection arms merged to form Legal & General Assurance Society. An L&G spokesman confirms 600 jobs within LGAS are now at risk as a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm