Money Box - 21/07/2012
Financial advice series with Paul Lewis. The Serious Fraud Office warns of rising Sipps' fraud, plus hidden pension charges, auto-enrolment and small pension pots.
Pensions: The Serious Fraud Office warns that Sipps' pension fraud is increasing. The SFO believes hundreds of millions of pounds of pension money has been targeted by suspected fraudsters, leaving thousands of customers without their funds. It's announced that one man has been jailed for eight years after a scam which took £52 million from 2,200 people. Paul Lewis talks to Jane de Lozey, joint head of fraud at the Serious Fraud Office
If you have a pension, do you know how much is eaten up by charges and fees? A study by the RSA think-tank suggests millions of savers are not being told about the full costs private pension firms are applying to their funds. And many customers don't realise what a big dent even modest annual fees of 1.5% can make to their pension pot. Paul Lewis talks to David Pitt-Watson, co-author of the RSA report and to Otto Thoresen, Director General of the Association of British Insurers
Staying with pensions, the government has announced plans designed to help workers with several small pension pots from different employers' schemes. The Pensions Minister, Steve Webb, wants staff to be able to take their workplace pension savings with them as they move from job to job. The plan is designed to enable people to keep a track of their retirement savings and cut administrative costs. It will apply to pension pots created under automatic enrolment schemes, which will begin for the largest employers from 1 October 2012. Paul Lewis talks to the Minister, Steve Webb
Producer Sally Abrahams.