The Pensions Regulator has published a video case study on pension scams. Pauline Padden, a children's critical care nurse, lost her entire £45,000 pension savings to fraudsters, warning others not to fall victim.   

The video was published in association with the Pension Scams Action Group and urges the industry to take action to protect their members, asking “Are you doing all you can to protect people like Pauline?" 
   

 

TPR is asking trustees and administrators to share the new video with their members, to help them know how to spot and avoid scammers’ duplicitous tricks. 

The regulator has also issued a new case report about the investigation which led to the conviction of Alan Barratt and Susan Dalton in April 2022, for their role in defrauding Pauline and others. In January, the Fraud Compensation Fund approved compensation for victims in the affected schemes. 

“Pauline’s story starkly demonstrates how ruthlessly fraudsters will exploit victims’ vulnerability to make their ill-gotten gains,” said Gaucho Rasmussen, TPR’s executive director of regulatory compliance. 

“We urge industry to adopt higher standards of anti-scam practice to prevent fraudsters reaching savers like Pauline. Take the Pledge to Combat Pension Scams, deliver on it and report any suspicions to Action Fraud. Trustees should also consider making a report to us via the whistleblowing form on our website if any concerns arise, such as potential criminal offence,” Rasmussen added.

“Every report counts, providing TPR and our PSAG partners across law enforcement, government and the industry with the vital intelligence we need in the fight against fraud and criminality.”