The Government is planning to tackle the issue of pension scams by announcing a number of new measures in order to try and combat the threat. Latest figures estimate that individuals have lost approximately £43m as a result of pension scams since April 2014. Actions being proposed, which will be enforced by the Information Commissioner’s Office (ICO), include:

  • A ban on pensions cold-calling, emails and texts;

  • Limiting the statutory right to transfer to occupational pension schemes; and

  • A tightening of rules to stop scammers opening fraudulent pension schemes.

Guy Opperman, the Pensions Minister, said “These figures highlight the extent to which people’s savings are being targeted and stolen through elaborate hoaxes – leaving them with little opportunity to build up their savings again. That is why we are introducing tough new measures for those who scam”.