Results from last week’s Pensions Buzz survey revealed 72% of respondents said the network, which was announced by PASA at its annual conference earlier this month, would be insufficient to combat scams, against 4% who disagreed. The remaining 24% said they did not know.
Of the respondents who said the network would not do enough, one said they were not sure what it would take to eliminate the threat of scams because the scammers “are incredibly creative”.
Another commented while the network is a positive step towards improved scheme defences, nothing will ever be enough as “there will always be people who see easy money in scams” and noted there are “relatively low penalties if they are unlucky enough to be caught and prosecuted”.
A third pundit highlighted the need to engage with the public and provide “appropriate scam warnings”. The same commentator noted while schemes provide these warnings, savers often do not act on them either because “they don’t understand pensions” or “something sounds too good to be true”.
Another respondent opined: “Because of the ill-gotten gains at stake, the fraudsters are far more motivated than any enforcement/regulators.”
A separate pundit agreed, stating while the initiative was a good idea, “the criminals will find a way around”.
Several respondents noted it was a step in the right direction for the industry and one said it was a “very valuable start”.
Of the respondents who said they did not know if PASA’s network will help combat scams, one said it might help but added: “I have my doubts.”
Another noted it will need “a multi-dimensional approach involving all key stakeholders”.
Pensions Buzz is conducted each week to anonymously collate our readers’ views on key news and trends. Respondents include actuaries, trustees, investment managers, lawyers, pension scheme administrators and consultants. A new poll is released every Monday!
To take part, email our research team here.