By Derek Gibbons
On January 9, an immediate ban on pensions cold-calling was put in place. But what does this mean if you need help with your pension?
The new rule makes it illegal for companies to make unsolicited phone calls about your pension. Those that break the rules could face up to £500,000 in fines, alongside other enforcement action.
The need for heavy-handed action by the government is due to the rise in pension fraud, which has left several victims with an empty pension pot after receiving bogus calls from scammers offering sham investment opportunities.
But if you’re no longer receiving pension-related phone calls – which, some of the more vigilant among us could argue served as a reminder to get their pension affairs in order – what are you supposed to do?
Who can step in to help with complex issues related to your pension?
Seeking independent financial advice about your pension could put you in good stead for planning your retirement. An adviser is qualified to offer specialised advice tailored to your circumstances, and help you explore pensions-specific or wider financial planning options, you probably aren’t aware of.
Economic Secretary to the Treasury, John Glen, is urging people to protect themselves from scammers.
In light of the ban, he said: “If you receive an unwanted call from an unknown caller about your pension, get as much information you can and report it to the Information Commissioner’s Office.
“I’d also urge all savers to seek independent advice if you’re thinking about making an important financial decision.”
Your pension can tie into several financial aspects of your life, such as inheritance tax, investments, and wider retirement planning.
Speaking to a financial adviser can help you better understand how to utilise your pension for both a secure future and retirement.
Derek Gibbens MBA, FCII, DipPFS,
Independent Financial Adviser
20 West Street, Wilton, Salisbury, Wiltshire, SP2 0DF
Tel: 01722 744556.
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