The government plans to ban pensions cold calling, including phone, email and text messages. The move is a belated attempt to thwart the activities of private pension scammers, who have conned savers out of an estimated £43 million since April 2014, when George Osborne announced the new pension freedoms.
The government is also set to tighten the rules on transfers out of occupational pension schemes and make it more difficult for anyone to set up a fraudulent scheme into which they can channel their victims’ cash.
It will take many months, at best, before the proposed measures become law and financial experts warn that pension savers need to be on the alert for scammers.
Tom Selby, of AJ Bell, the pensions company, says: “This move,…