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New rules to help curb online pension scams
Under the plans, suspicious requests could be stopped if pensions savers have been approached to access or transfer their savings uninvited via social media.
Such unsolicited contact would trigger a “red flag” which would mean pension trustees or scheme managers can block it.
Many scammers are using social media and other online channels to offer people “too good to be true” incentives such as free pension reviews, early access to their money, or time limited offers. Lured by these attractive offers, people are coerced into transferring their savings into a scam scheme designed to fleece them of their savings.
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Nest Commits $350 Million to Octopus Renewables for Green Infrastructure
‘We want to invest in the energy of the future, not the past,’ says CIO Mark Fawcett.
The National Employment Savings Trust (Nest) has appointed Europe’s largest investor in solar and wind assets, Octopus Renewables, to expand its renewable infrastructure investment across the continent.
The UK’s biggest workplace pension plan committed nearly $350 million this year to the endeavor, Nest said Friday. The $22.3 billion retirement system said the commitment could grow to nearly $2 billion by the end of the decade.
Octopus Renewables, which is part of Octopus Group, manages a roughly $4.2 billion infrastructure portfolio. The asset manager will arrange bespoke deals for Nest, the pension fund said, by negotiating directly with owners of renewable infrastructure projects.
Minister calls for schemes scam support
The Pensions Minister has today called on pension schemes to join him in the fight against the scammers targeting people’s hard-earned retirement savings.
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In a letter to around 90 different schemes, Guy Opperman said they must begin sharing scam data with the industry’s voluntary group, the Pension Scams Industry Group (
PSIG), to create a clearer picture of the scale of the issue.
Greater data sharing, used in parallel with the improved pension transfer rules in the Pension Schemes Act, will ensure savers are better protected from unscrupulous scammers.
Minister for Pensions Guy Opperman said: