With new rules allowing UK retirees to have full control of their retirement funds, the Information Commissioner’s Office continue to raise their concerns regarding scammers plotting to steal a retirees identity and siphon the money.
The ICO said rogue companies are shifting from payment protection insurance to pensioners.
ICO Head of Enforcement Steve Eckersley said that the number of people rogue companies routinely call may increase in the next few years.
Eckersley made it clear they hope that the calls won’t match the scale of payment protection insurance.
Some scammers are said to have offered a higher interest rate for a retiree’s pension. According to Consumer Group Which?, one in every three people beyond 55 years old received a rogue pensions call without requesting it.
They were offered investment opportunities, free pension reviews, legal loopholes and earlier access to their pension cash.
The ICO said it could fine telemarketing firms and offenders about £500,000 for their offence.