Andy Bell

Pension transfers will be red flagged and blocked if savers have been approached via social media under stronger anti-scam plans set out by the government today.

The government should review pension tax rules and simplify the system, according to AJ Bell and the Association of Consulting Actuaries (ACA).

The government has confirmed that "now is not the right time" to undertake significant reform of pensions tax policy, such as moving to a flat rate of tax relief.