The risk posed by pension scammers is being highlighted in Eastenders as much loved character Jean Slater falls victim to a common scam.
Soap opera producers worked with The Pensions Regulator (TPR), and other organisations, to gain real world insight into the tactics used by fraudsters.
In the storyline, Jean is persuaded to transfer her pension into a high return investment after taking up the offer of a free pension review.
In scenes that aired last week, she discovered that she had been scammed and had to deal with the consequences of her huge financial loss.
TPR, campaign Stop Scams UK, and independent adviser Nick Stapleton shared information with the soap’s scriptwriters and researchers about the latest tactics used by scammers and the far-reaching financial and emotional toll on victims.
Primetime platform
Gaucho Rasmussen, executive director of regulatory compliance at TPR, said: “We commend the BBC for tackling such an important and complex issue in this storyline. By bringing Jean’s experience to prime-time television, millions of viewers will become more aware of pension scams, potentially empowering them to recognise and resist similar approaches from fraudsters.
“Sadly, our work continues to uncover the real-life damage caused by pension scams. But while the threat of scams and fraud is ever-evolving, so is our response.”
TPR said that the storyline is not just compelling television – it’s a reminder of the real-world threats to pension security. The regulator recently launched a video campaign featuring critical care nurse Pauline Padden, who is one of 245 victims in a £13.5 million TPR prosecution case.
She was targeted at a vulnerable time in her life and has shared her story to help warn others. Many people who are victims of these scams do not tell anyone or report it to authorities.
In 2023, more than £17.7 million was lost to pension fraud, according to figures from Action Fraud, the national fraud and cybercrime reporting service. This sum was for 559 reports of pension fraud, equalling an average loss of £46,959 per person.
In a call to action, TPR’s Gaucho added: “To provide the valuable intelligence we and our Pension Scams Action Group (PSAG) partners need in the fight against fraudsters, we urge the pensions industry to report scams and suspicions of scams to Action Fraud. It is our hope that viewers of the EastEnders’ storyline will be prompted to report any suspicious activity to Action Fraud too. Every report counts, helping to enhance our national intelligence picture.”
Employer issue
In September this year, Benefits Expert took an in-depth look at the issue and what it means for employers.
At the time, Charles Cotton, senior policy and practice adviser on pay and reward at the CIPD, said: “Employers should be very concerned about pension scams. If an employee is a victim of a pension scam, then the financial stress will affect their mental, physical, and financial wellbeing, and their work performance will probably suffer. This could then influence their decision when to retire, which has talent management implications for the employer.”
He added: “Many employers contribute lots of money to their employees’ pension funds, not only to attract and retain employees, but also as a key part of the staff off-boarding process. If this money is scammed, then the employer will not see a return on this investment.”
For more on what employers can do to inform and protect employees you can read the full feature here Beat the pension scammers, how employers can help.
