Jack Dromey MP, Labour’s Shadow Pensions Minister, commenting on pension schemes issuing a COVID-19 transfer warning to savers, said:

“A lifetime of saving for security in retirement can be lost in a moment when a ruthless scammer cons an unsuspecting individual into making a tragic error.

“On average the victims of such scams lose £82,000 from their pension when they are persuaded to opt-out of their defined benefit scheme. The Regulator is right, therefore, to send an unmistakable message that everything possible will be done to prevent scammers from taking advantage in tough times.”