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Pension Cold Calling Ban

old man on the telephone

When you have spent your entire life working hard, you look forward to one day reaping the rewards of the pension that you have spent time building. The worst thing that could happen to that pension you’ve worked so hard for is someone deciding that they want your cash – and taking it via a scam.

It’s because of scams like that, the ones that con pensioners out of their hard-earned money, that the pension cold calling ban was introduced. Seniors aren’t always as savvy about the scams doing the rounds, and it’s important to learn about what’s in place to keep them safe.

 

What Is The Pension Cold Calling Ban?

As of 2019, companies are no longer allowed to make cold calls about pensions. Unsuspecting pensioners take the companies and their bamboozling words at their confidence and sleaze and end up with nothing. Of course, if pensioners want companies to call them, or they already have an existing policy with a pension provider, that’s okay/ However, if a company hasn’t been asked to call, then they are no longer allowed to do so. Generally, those out to scam others tend not to listen to the rules – which is why they are scammers – and, for this reason, it’s important to be aware of how a cold call scam works.

 

What Are Pension Cold Call Scams?

For the most part, pension cold call scams start with a contact that isn’t expected. There are many mediums for contact these days, with text messages and emails also being targeted, but the most common method is by phone. Someone will call you and will offer you a review of your pension for free, or they’ll talk to you about an opportunity to invest in something great. It will always all sound innocent, but it very rarely is.


Scammers have a lot of tricks up their sleeves; they want you to reveal things about yourself such as bank details and passwords. You’ll also find that scammers will try and make you move your money into investment schemes with a high-interest perk. The one common thread in all these scams is that the person on the other end of the phone will be overly confident in telling you how low-risk it all is.

 

How To Handle A Pension Cold Call

If you are on the receiving end of a phone call that you don’t want, there is one straightforward way to stop it from happening: hang up. That’s it. Just put the phone down and if you need to, Google the telephone number to see if the company that called you is a legitimate company that is registered with the Financial Conduct Authority.

 

How To Report A Scam Call

Ideally, you won’t have been hooked in by the scammer and lost your money. However, if you have fallen victim to a scam, or you’re suspicious of a call you’ve received, you need to contact both your pension provider and your bank straight away. Even being targeted by scams like this mean you need to file a report so that others won’t be targeted, too. All scams can be logged with the FCA Scam Smart website, or you can call Action Fraud on 0300 123 2040.

 

Further Scams

The worst of it may feel over if you are a victim of a pension scam, but it’s important to be very careful about answering the phone again afterwards. Victims targeted over the telephone are often targeted again with a follow-up scam where they’re told the money they have lost can be recovered. Of course, the goal is to take more money from you – and most are successful as they wait until the pensioner in question is most vulnerable.

 

Other Scams To Keep In Mind

Other than the telephone, email and phishing scams are extremely common. The goal for the scammer is for you to click the fake link that they email you so that a virus will be installed on your computer or phone. Fake websites and fake emails that are dressed up to look professional are sent out daily, and while everything may seem legitimate, it’s not. The scammers often try to impersonate bank websites or companies you may trust.

 

Keeping Safe

Avoiding online scams is not impossible, especially if you keep your operating system and anti-virus software as up to date as possible. If you’re ever in doubt, always hang up the phone and call your provider.