John Govett, Chief Executive of the Single Financial Guidance Body, said:

“Pension scams can be devastating for anyone that falls victim to one. Pension scams can be very convincing and often begin by someone approaching you with the offer of a free pension review or perhaps an offer for more attractive returns, but ultimately can rob you of your hard earned retirement.

“We welcome the introduction of the cold-calling ban on pensions which provides better clarity and protection for customers. This should give the public confidence that no legitimate pension provider would contact you about your pension in this way. If anyone calls you out of the blue on pensions, simply hang up the phone.

“If you have any concerns about pension scams contact The Pensions Advisory Service for free on 0800 011 3797.”