Reward Strategy



Investigation launched into ‘poorly-run’ pension schemes

The Pensions Regulator (TPR) and police have launched an investigation into a number of pension schemes suspected of being linked to cold-calling.

Twitter LinkedIn

TPR is concerned that pension holders have been phoned and persuaded to transfer their funds into “poorly-run schemes” with the promise of higher returns and cash incentives upfront.


As part of the same investigation, TPR has appointed an independent trustee to run the Alderley Wealth Management pension scheme over concerns about the management of more than £3m of funds.


TPR said there is evidence that some members requested their funds to be invested in low-risk UK based investments, but instead funds were placed in high-risk and illiquid investments overseas.


The regulator said payments are suspected to have been made to introducers - some of whom are believed to have used cold-calling to target pension holders.


Mike Birch, TPR’s director of case management, said: “Cold-calling pension holders isn’t illegal yet, but no reputable business does it. We would urge anyone to contact Action Fraud if they are phoned and offered the chance to transfer their pension.


“Our message is simple: A cold-call about your pension is an attempt to steal your savings.”


The joint investigation has so far involved search warrants being executed at four homes and businesses in Newcastle, Sunderland and West Bridgford, near Nottingham, on January 11.


TPR teams also inspected one business in the North East in connection with the investigation, before serving a section 72 notice requiring information from that business under the Pensions Act.


One man and one woman have been interviewed by police under caution on suspicion of Fraud Act offences. A second man has been arrested and questioned by police on suspicion of fraud. He has been released while the investigation continues.

Twitter LinkedIn
Add New Comment

You might also like

“The apprenticeship levy weighs on average earnings and consumption equally”

The apprenticeship levy and auto-enrolment of workplace pensions are estimated to reduce average earnings by 0.3 and 0.4 percent respectively by 2021, according to the Spring Statement

TPR appoints KPMG partner as executive director for regulatory policy

The Pensions Regulator (TPR) has appointed David Fairs as its executive director for regulatory policy, analysis and advice

Women could benefit from being more engaged with pension planning

Women are “lagging behind” when it comes to saving for retirement, new research has found

750,000 people may pass their pension to the wrong person

More than 750,000 people coming up to retirement are at risk of passing their pension to the wrong person when they die, according to research by Royal London



Reward Strategy

Did you find our website useful?

Thank you for your input

Thank you for your feedback - an online news and information service for the UK’s payroll, reward, pensions, benefits and HR sectors. is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Reward Strategy is committed to diversity in the workplace.
© Copyright Shard Financial Media Ltd