Why the pensions cold-calling ban means you should    act now

Story

January 9 saw an immediate ban on pensions cold-calling come into 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’re you supposed to do? Who can step in to help with complex issues related to your pension?

Seeking independent financial advice regarding 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 added, “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.

News

Find all the latest industry news, all written by our in-house industry experts.

Breathe a sigh of relief this tax year-end

Breathe a sigh of relief this tax year-end

Story 18/02/19

The 2018/19 tax year end is fast approaching, which means now is the time to review your tax position. There are certain steps you can take to ensure you remain ahead, and we start by looking at reliefs, specifically pension tax relief.

Shareholder protection – what happens to my business if I die?

Shareholder protection – what happens to my business if I die?

Story 15/02/19

If you haven’t yet made a plan for what'll happen to your business in the event of the death or critical illness of a director, key shareholder or star employee, here's what you need to know.

Get your finances in order with the ‘PIMPSI' rule

Get your finances in order with the ‘PIMPSI' rule

Story 12/02/19

Joe Swanson, an independent adviser at AFH Wealth Management, looks at what you need to be thinking about when it comes to creating your financial plan.

More articles

Get in touch

To discover how AFH's unique approach to wealth management can help you build a better future, please contact us.