Govt told to act now on confirmed cold calling ban

The new protection measures also include a tightening of HMRC rules to stop scammers opening fraudulent pension schemes; and tougher actions to help prevent the transfer of money from occupational pension schemes into fraudulent ones.

The government wants to ensure that only active companies, which produce regular, up-to-date accounts, can register pension schemes.

Limiting transfers of pension pots from one occupational scheme to another will mean trustees must check their receiving scheme is regulated by the Financial Conduct Authority (FCA), or has an active employment link with the individual, or is an authorised master trust.

The government abandoned the proposal for this ban a couple months ago, in a bid to rush through the Finance Bill which contained the plans ahead of the general election.

Members of the House of Lords criticised the absence of a ban on pension cold calling in the Financial Guidance and Claims Bill, which was presented in July.