Pensions scams and liberation

What is pension liberation?

Section 18 of the Pensions Act 2004 (PeA 2004) provides the statutory definition of ‘pension liberation’. It applies to:

  1. both personal and occupational pension arrangements, and

  2. money that has been taken from a pension scheme, whether directly or indirectly

This money is then used in a way which is not authorised by pensions legislation and/or regulation. In certain cases, this involves tax evasion and/or fraud.

The creation of devices, schemes or arrangements to circumvent the rules relating to pension schemes has been an ongoing issue for the regulatory bodies which oversee pensions in the UK for many years. Pension liberation usually starts with a transfer from one pension vehicle into another pension vehicle. This transfer is usually instigated by an adviser or ‘introducer’ giving a promise of early access to pension savings (ie before

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Minister for Pensions hosts roundtable on ‘Pound for Pound’ initiative in shift from cost to Value for Money

The Minister for Pensions, Torsten Bell MP, has hosted a roundtable with regulators and leading pension providers to support a joined-up approach to Value for Money (VFM) in pensions. The event marked the first public discussion of the ‘Pound for Pound’ (‘£4£’) initiative, aimed at shifting the UK market from cost-based comparisons to broader value-based metrics, shifting market conversations away from cost towards value. This shift is essential for the success of the government’s proposed approach set out in the Pension Schemes Bill 2025. Insights from Australia’s superannuation system were central to the session, highlighting how clear benchmarking, transparency and regulatory oversight have transformed both member outcomes and the understanding of value in Australia. Intended to inform the impending regulatory consultation on VFM metrics, the superannuation system formed a key reference point as the discussion explored how lessons from Australia and insights from providers could shape regulatory thinking and support the development of the Pension Schemes Bill. Roundtable participants including the Department for Work and Pension, the Financial Conduct Authority, Pensions UK and a number of the Mansion House Accord signatories, agreed that now is the time for government, regulators and industry to collaborate in shaping and embedding a robust, fit-for-purpose VFM regime.

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