UK Government reacts to the problem but fails to set implementation date.
Pensions are very important – often they are a person’s biggest asset (or second biggest after their home) and are a key source of income in retirement.
The government makes mention of an estimated £43 million pounds taken in scams since 2014 and £1 million per month in the first five months of the year in a totally impersonal way. The people scammed have lost their major source of income in their retirement and it means a very different type of retirement – with considerable financial stress – it is a massive personal tragedy for those affected.
The government published an excellent paper on August 20th which looks to address the main issues but regrettably has set no implementation date and no immediate crackdown on the worse abuses.
Link to government press release