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Pension cold calling ban could be in force by June

A ban on pension cold calling could be in place by June this year under ammendments inserted in the financial guidance and claims bill by the government.

Pension cold calling ban could be in force by June

A ban on pension cold calling could be in place by June this year under an amendment inserted in the financial guidance and claims bill by the government.

New 'clause 3' makes provision for a ban on pensions cold calling to be put in place by June by the secretary of state for work and pensions.

The government also tabled amendments to 'clause 19' of the Bill on the provision of pension guidance. It requires pension schemes to ensure an individual seeking to access pension savings is 'referred to appropriate pensions guidance' and 'has either received appropriate pensions guidance or has opted out of receiving such guidance'. Pension Wise, The Pensions Advisory Service and the Money Advice Service will this year be merged to form a single guidance body.

The work and pension committee recommended a ban on pension cold calls in its Protecting Pensions Against Scams report.

Commitee chair Frank Field MP said: 'I am delighted that they will be bringing forward a ban on pensions cold calling by June, as we called for. This represents a major leap forward in the urgent fight to protect pensioners’ savings against scams and sharp practice'.

However, regarding the guidance measures, Field said the government should go further. He said the public guidance body should be 'the sole source of the “appropriate pensions guidance”'.

'Guidance must come from independent and impartial experts, rather than from self-interested pension providers, if individuals are to make the best use of their savings,' he said.

 

 

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