In January 2019 it was made illegal for companies to make unwanted or unsolicited phone calls to people about their pension arrangements.

This has been introduced to help reduce pension fraud which sees an average of £91,000 taken from victims each year. Some recent research has shown scam victims have even lost £1 million to fraudsters.

There are a couple of exceptions to the law, where:

• The caller is authorised by the Financial Conduct Authority (FCA), or is the trustee or manager of an occupational pension scheme; and
• The recipient of the call has previously consented to calls or has an existing relationship with the caller.

If you receive a call from anyone selling pension products, you should proceed with caution and end the call if you do not feel comfortable. If you would like any advice on your pension, you should speak to an independent financial adviser who is regulated by the FCA at the following link: register.fca.org.uk

Remember – if it sounds too good to be true, it probably is!