Police probe £120m pension fraud

The pension freedom reforms introduced two years ago have provided the unscrupulous with new opportunities, says David Prosser.

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The pension freedom reforms introduced two years ago have given millions of people much-needed flexibility in their retirement finances. But they have also provided new opportunities for the unscrupulous. A Serious Fraud Office (SFO) investigation into an alleged £120m scam is the latest potential scandal to hit the pensions industry, amid a sharp increase in pension-fraud losses over the past three years.

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David Prosser
Business Columnist

David Prosser is a regular MoneyWeek columnist, writing on small business and entrepreneurship, as well as pensions and other forms of tax-efficient savings and investments. David has been a financial journalist for almost 30 years, specialising initially in personal finance, and then in broader business coverage. He has worked for national newspaper groups including The Financial Times, The Guardian and Observer, Express Newspapers and, most recently, The Independent, where he served for more than three years as business editor.