Phoenix Group: number of cold calls increases to over quarter of UK adults
The number of UK adults who received cold calls about their pension rose to 26% according to research commissioned by Phoenix Group.
Opinium conducted 2,002 online interviews with UK adults from 16 to 19 December 2016.
Of the 26% of UK adults approached via cold calls, two thirds said they were contacted in the last six months.
Three fifths (59%) said they were approached via a telephone call, 25% via email and 20% via letter with some receiving more than one form of communication.
The research also found 61% would not report pension cold calls, primarily as they did not know they could.
Phoenix intelligence and investigations manager Philip Kline said: "Fraudsters use a myriad of methods to reach and trick their victims, including face to face contact, online marketing, texting, social media and email.
"To properly tackle this and significantly reduce the amount of pensions-related fraud, Phoenix believes that the government's proposal to ban pension cold calling should be extended to include all forms of electronic communications such as email and text messaging."
Reporting fraud needs to be simpler and consumers should be given greater education on the risks of fraud to ensure that they are able to better protect themselves, Kline added.
The government is determined to clamp down on cold calls and wider pensions fraud.
Last December it launched a consultation (it closes on Monday 13 February 2017) on banning pensions cold calling and limiting the right to transfer after a rise in scams since the pension freedoms.
Barnett Waddingham associate Ben Clacker argued administrators have to be on guard when it comes to transfers.
He said administrators have a moral duty to ensure transfers are done correctly and take an assertive stance against scammers.
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