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The Autumn Statement

Age Cymru welcomes the UK Government's proposal in today's Autumn Statement to ban pension cold calling.

Every day, older people are being targeted by criminals who try to steal their money using a variety of methods including email scams, internet scams and telephone cold calling scams, writes our External Relations Manager Iwan Rhys Roberts.

Average financial losses per scam are estimated to be £1,200 but the actual cost of scams should also be measured in lives ruined and families torn apart.

Scams can be very convincing and they are always changing and developing.

So, as soon as the public becomes aware of the 'latest' scam that's doing the rounds, the criminals behind them have moved on and are trying to con us with a brand new scam.

It's this evolving nature of scams that set the alarm bells ringing at Age Cymru in 2014 when pension reforms were introduced which gave people nearing retirement greater control over their pension pots.

Through our 'Scams and swindles' campaign we raised concerns that a potentially very lucrative new market was opening up for the opportunistic scammers.

With estimated losses in the UK of £19 million to pension scams alone reported between April 2015 and March 2016 across the UK, it is clear that we were right to be worried.

This is why Age Cymru is convinced that an outright ban on pension cold calling is essential if we are serious about protecting older people from pension scams.

We'd also like telephone companies to give all older and vulnerable people access to call blocking technology so that they can block these and other unwanted telephone cold calls to their homes.

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