The Pensions Regulator (tPR) have received two reports of fraudsters calling individuals and falsely claiming to work for the watchdog. The callers offered a “free pension review” in an attempt to obtain details from the individuals about their pension savings.

TPR has confirmed that it never cold-calls individuals about their pensions, a common warning sign of a scam. Head of intelligence for the tPR, Mike Broomfield confirmed "Like all reputable organisations, we never cold-call people about their pensions. If anyone cold-calls you about your pension, it is an attempt to steal your savings - just hang up."

In May, the bill including provisions for a ban on pensions cold-calling received Royal Assent. However, the implementation of the ban has been delayed while the Treasury consults further on "technicalities" in relation to the ban.