Cold call crooks who prey on pensioners let off hook as ban is shelved

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Plans for a ban on cold calls about pension transfers have been shelved.

The Government consulted on the ban last year, but the measure was not included in the Queen’s Speech or the Financial Guidance Bill.

Losses from pension scams hit a record high of nearly £9 million in March, according to figures from the City of London Police.

Scammers trick savers into sending money, often overseas, on the promise of letting them access their pension before they are 55.

Kate Smith, head of pensions at Aegon, says: ‘It’s disappointing to see the Government shy away from tackling an issue that has a disproportional impact on the most vulnerable.’

A spokesman for the Department of Work and Pensions, says: ‘A response to the consultation will be published in due course.’