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Government confirms new measures to combat pension scams

Yesterday, the Government confirmed the introduction of new measures to help protect people from pension scams. These include banning cold calling, including emails and text messages, on all private pension cold calling. This new measure will be enforced by the Information Commissioner’s Office (ICO). Other measures include a revision of HMRC rules to further prevent pension scammers from opening illegitimate pension schemes and offer tougher actions to help stop the transfer of money from occupational pension schemes into scam vehicles.

Michelle Cracknell, Chief Executive of TPAS said “As a member of the Government task force Project Bloom, The Pensions Advisory Service (TPAS)  welcomes these new measures which will help people to further protect their pensions and make it harder for fraudulent activities to take place. We are seeing positive signs that consumers are now more aware of pension scams, which is great news, but as even more people join pension schemes and begin to access their pensions more flexibly, it is vital that we continue to keep raising awareness about the very real risks of pension scams and the consequences of transferring a lifetime worth of savings”

Here at TPAS, we know that pension scams can take many forms and usually appear to most, to be a legitimate investment opportunity. But, pension scammers are clever and know all the tricks to get you to hand over your savings. They target anyone and everyone, pressuring you into transferring your pension savings, often into a single investment. Remember, once you’ve transferred your pension into a scam, it’s often too late and the likelihood of you getting your money back is very slim.  You can find out more about how to spot and stop pension scams and fraud, by reading our pension scam pages here.

If you’re concerned about an offer you’ve already received or just want to check first, please contact our team direct on 0300 123 1047 (Mon – Fri 9:00 -17:00) or use our dedicated tool which can help identify suspicious and potential scam activities.

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