Cold call ban is now in force

Don't be fooled by pension scams

Pension cold-calling is now illegal.

The ban came into​ force on ​9 January 2019, and means unsolicited phone calls, texts and emails are against the law.

Fraudsters use cold calling to try and steal your life savings or ​tempt you to invest in a high-risk scheme which is totally unsuitable for your pension.

A scam usually starts with an unexpected call, text, email or social media message.  Other warning signs are:

  • Promises ​of a tax-free lump sum worth more than 25 per cent of your pension’s value

  • Early access to your pension before the age of 55

  • Pressure for a quick decision

  • Get-rich-quick investments 'guaranteeing' a high return

  • No company contact details - ​just a mobile phone number or PO box address

Cold calling is now banned, but you should still be on your guard. Remember! If you take cash early you face a hefty tax penalty. If you transfer it overseas, it ​could vanish forever.

Watch and learn

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See how fraud affects pension scheme members like you