Standard Life has revealed it has blocked 600 ‘high risk pension transfers’ for its members totalling £24 million so far.
Jamie Jenkins (pictured), head of pensions strategy at Standard Life, said most of the workplace pension provider’s customers listen to its warnings about transferring into possible scams.
‘Standard Life monitors closely for any transfers to high-risk investments that are promising high returns and contacts customers directly to warn them of the dangers before it is too late,’ he said.
‘The majority heed our warnings and leave their money where it is, or transfer it to another, legitimate provider. To date we have refused over 600 high-risk pension transfers on our customers’ behalf, with a value of over £24 million.’
Yesterday the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) launched a joint pensions scams awareness campaign which will include a new series of adverts warning people about the dangers of 'free pension reviews'.
Jenkins said this campaign was a positive move in the fight against pension scams.
‘One of the best defences against pension scams is to raise people’s awareness of the dangers and the various forms such scams can take,’ he said.
‘TPR and the FCA’s ScamSmart campaign is key to helping people take a closer look and constructive steps to protect their savings. The amount people invest in their pension, their investment returns and the charges they pay all make a difference to the size of their retirement pot. Yet none of that matters if they lose their life savings to a pension scammer.’