The Pensions Regulator (TPR) has warned fraudsters are targeting people with cold-calls pretending to come from the regulator.
The Pensions Regulator said it has received reports of pension holders being cold-called by individuals who posed as the watchdog's staff and offered the workers a free pension review.
The regulator stated it never cold calls people about their pensions and free reviews could often be a warning sign of a scam.
The regulator has so far referred two cases to the Information Commissioner’s Office (ICO) for investigation.
Mike Broomfield, The Pension Regulator’s head of intelligence, said: “We are grateful to those people who have alerted us to the cold calls.
“We’ve now referred the cases to the ICO to consider and would urge anyone else who is contacted to call Action Fraud.
“Like all reputable organisations, we never cold call people about their pensions. If anyone cold calls you about your pension, it is an attempt to steal your savings. Just hang up.”
The Pensions Regulator said neither of the individuals who contacted it about the bogus calls were tricked into handing over their details or cash.
However, as only a minority of scam attempts are ever reported, many more people who have not yet come forward may have been approached by the cold callers, it added.
The Pensions Regulator leads Project Bloom, a multi-agency taskforce which is working with government, the pensions industry, law enforcement agencies and other regulators to combat pension scams.
The members were at the forefront of calls for the government to ban pension cold-calling, which was expected to be implemented this year.
But it emerged last week (13 July) the ban will not happen anytime soon, and the government is launching a consultation on the matter instead.
Economic secretary to HM Treasury and minister for the City, John Glen, told parliament that due to the “complexity” of the issue, the government had failed to meet the deadline.
carmen.reichman@ft.com
