Download the full outcome
Detail of outcome
The consultation response document summarises the responses received and sets out the changes to the draft statutory instrument (SI) published in the consultation document. It also outlines respondents’ key suggestions for tackling pensions scams more widely and the monitoring and enforcement of the ban, along with a summary of the government’s current activity in these areas.
A draft of the full SI is published at Annex A of the consultation response document. The draft of the full SI is still subject to parliamentary scrutiny under the affirmative procedure.
Pension scams can cost people their life savings, and leave people facing retirement with limited income, and little or no opportunity to build their pension savings back up. The government is committed to protecting people from pension scams; and pursuing those who perpetuate pension scams wherever possible. The government is implementing a ban on pensions cold calling because cold calling is the most common method used to initiate pensions scams. Following a previous consultation on the policy, this consultation seeks technical views on draft regulations to ban pensions cold calling to ensure the regulations are robust and effective.