"Pension freedom reforms opened up opportunities for people in retirement, but they also signaled open season for scammers.
“Let’s face facts, many cold callers today will already be operating illegal pension scams. The DWP stats published today show they have successfully stolen millions from retirement savings. If they are already willing to break the law, a cold calling ban won’t stop them.
“So the main benefit of this ban is really to raise public awareness and make sure they are suspicious of any cold calling activity.
“If you receive a unsolicited call offering a “pension review” you should always hang up and instead discuss your options with a financial adviser that you know and trust.
“Some people will slip through the net, however, and unwittingly attempt to switch their pension into an fraudulent scheme. So it is right that the government has also taken steps to close loopholes that have enabled unscrupulous individuals to set up pension schemes, and have given trustees greater power to block transfers if they have concerns.”