In today’s Autumn Statement, the chancellor addressed the issue of pensions cold-calling.
Philip Hammond told the House of Commons that the government would consult on how best to ban pensions cold-calling and a wider range of pension scams.
Stephen Lowe, group communications director at Just Retirement, said: “The government’s decision to introduce a ban on pensions cold calling – backed by stiff penalties – is to be welcomed. Almost half of over-65s have taken no steps to determine how retirement ready they are so receiving what seems to be a ‘perfectly’ timed call from a scammer offering to help can have disastrous consequences for their long term financial well-being.
“While this is a step in the right direction, more needs to be done to support people as they make choices around their later life finances. Research suggests that people who use the government’s free Pension Wise guidance service said it had helped them make an ‘informed choice about what to do next’. Pension Wise is a valuable service that is helping people, but only one in five people are using the service, so it’s time to make it the default option.”