Many local residents and even myself have been subject to cold calls, the Government is continually tightening regulation around this issue and today the cold calling ban on pensions comes into effect.
This ban is intended to help keep people protected and ensure that pensioners have dignity and security in retirement. Unsolicited calls about people's pensions are now illegal and companies who break the rules face fines of up to £500,000.
According to the Financial Conduct Authority, pension scammers stole on average, £91,000 per victim last year highlighting that cold callers stole many people's hard earned retirement savings and devastated lives.
While pension freedoms have allowed more people than ever to take control of their retirement and pension, it also led to an increase in scammers wishing to take advantage of people. Prohibiting cold-calling is only part of the work we are doing to eradicate scam activity, we are also working with partners from abroad to crack down on calls from outside of the United Kingdom.
If you receive a call out of the blue regarding your pension, make note of the name and number of the company if possible then report it to the Information Commissioner on 0303 123 9070 or to Action Fraud on 0300 123 2040.
Do not feel you have to reply to the caller, simply hang up.
For any residents who do have queries about pensions, Pension Wise a free and impartial service may be able to help you understand what options are available for your pension pot. You can find out more online at www.pensionwise.gov.uk