The NCA (the new National Crime Agency) has ordered ten websites that they suspect of facilitating Pension Liberation Fraud to be taken down immediately.
Baker Tilly have just completed research which concludes that that pension fraud costs tens of millions each year; Local Authority pensions have been defrauded of £20 million last year, alone.
They are also of the view that pension trustees fail to recognise their responsibility to detect and prevent fraud. This despite the fact that 20% of pension schemes have reported fraud against the scheme and it would appear that the larger schemes, i.e. those with 10,000 members and more, are the most vulnerable.
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