NEWS   |    May 29, 2024

Ben Fairhead comments on the Norton Pension inquiry in Pensions Age

The Work and Pensions Committee has announced that, while it had concluded taking evidence on the Norton pension schemes and the Fraud Compensation Fund inquiry, it had not yet finalised its finding before the prorogation of parliament on 24 May.

Commenting in Pensions Age on WPC chair Stephen Timms’ summary, partner Ben Fairhead noted: “This is a neat, measured summary of the evidence from the enquiry. There were clearly weaknesses in the legislative and regulatory landscape that allowed the Norton schemes – and multiple other occupational pension schemes – to be mis-used for scams and pension liberation.

“However, many of those have since been fixed, and we really shouldn’t see schemes like these being set up and used to facilitate fraud in the same way as we did throughout the first half of the last decade. There are not the same easy pickings for scammers as there were ten years ago.

“Still, there are imperfections that must be addressed to ensure that compensation comes through for members more quickly. Additionally, and although it is not mentioned in the letter, we must not lose sight of the unfair and inconsistent way in which members of these schemes have been taxed – hopefully that is something the next government will be prepared to tackle.”

Read Ben’s comments in Pensions Age, here.

The views in this article are intended for general information purposes only and should not be used as a substitute for professional advice. Arc Pensions Law and the author(s) are not responsible for any direct or indirect result arising from any reliance placed on content, including any loss, and exclude liability to the full extent. Always seek appropriate legal advice from a suitably qualified lawyer before taking, or avoiding taking, any action. If you have any questions on the points raised in the above, please do not hesitate to get in touch.

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