Danny Dowd, Head of Retirement Propositions at Phoenix, said: “Fraud is a significant issue in the pension industry, with scams affecting millions of people a year. Cold calling is one of the most common tactics used by fraudsters to scam consumers, and our recent research found that over one in four (26%) of UK adults have been cold contacted about their pension savings, up from 22% a year earlier. Of those that had been cold called, a worrying 7% said that that they had released some or all of their pension savings as cash as a direct result of this contact.”

“We are therefore disappointed that the Government has confirmed that its Financial Guidance and Claims Bill will not bring forward proposals to ban cold calling in relation to pensions – particularly during the important time of Scams Awareness Month. We will continue to work closely with the Government and industry bodies to do our part in raising consumer vigilance against scams, and hope that the right legislation is brought forward in due course to ensure that consumers are properly safeguarded against pension fraud.”

Tips to avoid becoming a victim of fraud:

1. Don’t allow yourself to be pressured into making a decision quickly. Pressure to make quick decisions may well increase the chance of you making a poor decision and is also an indicator of suspicious activity.
2. Think about the contact you have received. Is this how the company usually contacts you? Would your pension provider really text you about a financial opportunity? Think about whether it's sensible for the company to make contact in that way. Phoenix would not contact its customers in this way.
3. Do you need to pay up front? You should never have to pay to access funds that are yours.
4. If it sounds too good to be true, it probably is. Sometimes an offer may be articulated in a way that will not arouse suspicion. Think very carefully about the risks and the proposed benefits.
5. Be wary of any offers to access your pension early, especially before the age of 55. Ignore any unsolicited contact you receive on the subject - this could be via phone, text message, online, in person or the post. Watch out for elaborate sounding investments, particularly those based overseas. Check the FCA ScamSmart warning list for known investment scams. http://scamsmart.fca.org.uk/
6. Don’t hand over personal data until you know the company you are dealing with is regulated. If you have already done this and are concerned about how it might be used, contact your provider who can add additional security levels to provide further protection.
7. If you are unsure, you can call Pension Wise on 0800 138 3944, The Pensions Advisory Service on 0300 123 1047 or the Citizens Advice consumer service on 03454 04 05 06. To report suspected fraud you can call Action Fraud on 0300 123 2040 or visit http://www.actionfraud.police.uk.

-Ends-

Enquiries

Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Darcy Lillie
Media Relations Consultant
Phoenix Group
020 3735 0102 / 07814 773 280
darcy.lillie@thephoenixgroup.com

Additional changes will be announced later in 2017 to complete the final aspects of the purchase. AXA will continue to be mentioned in the small print of some literature items until the legal entities are changed. Further details of these changes will be provided nearer the implementation date.

Notes to editors

Phoenix Group is the UK’s largest specialist consolidator of closed life funds with over 6.1 million policyholders and £76 billion of assets held by the Group’s life companies, including the acquired Abbey Life, AXA Wealth and SunLife businesses. The Group employs around 1,300 people split across the Group, with around 600 based at Wythall, its main operating centre.