The Pensions Regulator has recently confirmed that Aviva Master Trust has met all of the requirements to be an authorised master trust.
Among other things, this means trustees don’t need to take advice if they want to transfer defined contribution benefits without guarantees to the scheme. It’s legislative recognition of the quality of the schemes that make it through the authorisation process.
But not all schemes offer the same kind of safe haven for members benefits – something that’s been highlighted in the FCA and Pensions Regulator’s ScamSmart campaign.
Pension pots are tempting targets for criminals
For many people, their pension represents their greatest asset alongside their home. It’s something they’ve worked for over many years, and the key to an enjoyable life in retirement.
To criminals, however, it represents an opportunity to access some or all of that money for themselves.
The regulator reports the average loss suffered by victims of pension scams is £ 91,000 1. Understandably, the impact on individuals can be devastating.
You can get help to beat the scammers
At Aviva, we’ve added details of how to spot pension scams to our website and include ScamSmart literature with any transfer information request.
We check out the destination scheme before paying a transfer value, and prevent transfers taking place where we’re suspicious. But there’s a clear role for trustees and employers to play too.
Providers can’t always stop people accessing their money. Questions aimed at protecting people’s pensions can easily be misinterpreted as simply self-serving. Employers and trustees are uniquely placed to act, and the Pensions Regulator has produced a wealth of helpful resources that people can download. You can find all of this and more on the Pensions Regulator’s Pensions Scams web page.
Working together, we can beat the criminals who are intent on cheating hard-working people out of their life savings. And make sure members get to experience the retirement they’ve saved for.