Pensions - Articles - Pension cold-calling ban may not happen until 2019

 “Any delay in introducing measures to protect savers increases the risk for thousands of peoples’ pensions. In the time we’ve waited for the government to turn words into actions there’s been a rapid acceleration in pension scams aimed at the over 55s. This needs to be urgently addressed to protect people’s hard-earned pension savings.

 “The promise of greater powers for pension schemes and providers to stop suspicious pension transfers can’t be allowed to fall by the wayside. The pension industry is doing all it can, within the current rules, to protect people’s pensions from scammers, but more powers are needed. The combination of the pension cold-call ban and powers to block ‘red-flag’ transfers, once delivered, should go a long way to stop these types of scams in their tracks.

 “This is an area the Work and Pensions Committee is looking into as part of its inquiry into the Pension Freedoms. We hope the Committee will put pressure on the Government to reprioritise legislation and find parliamentary time and avoid it becoming another casualty of Brexit.”