Gareth Shaw, Head of Money at Which? said:
“Pension scams are becoming increasingly sophisticated and can have devastating consequences, leaving savers at risk of seeing their entire retirement income disappearing in an instant.
“It’s right that the government is looking to set more stringent expectations on pension schemes to detect potential scams and to act to help prevent them, while trying to minimise the impact on legitimate pension transfers.
“Pension scams often start online so action is also needed when it comes to the online platforms that have failed to prevent fraudsters from exploiting their systems. They must be given a legal responsibility, through the Online Safety Bill, to identify, remove and prevent fake and fraudulent content on their sites.”