Investigation Into Pension Sales

An investigation has been launched after it was claimed by a national newspaper that firms are selling data about people's salaries, investment values and pension size for as little as 5p without their knowledge.

It is feared that criminals may use such data to attempt to access pensioners savings or scam those most vulnerable out of their money when new reforms come into place in April.

Despite the claim, one of the firms accused of selling such information has denied any wrong-doing.

Investigation

The information picked up by a national newspaper has launched a government investigation into the claim. Information Commissioner Christopher Graham said he was investigating the "very serious" nature of the crime and was working with the Pensions Regulator, the Financial Conduct Authority and the police.

He said: "There are lots of people out there who are trying to take advantage of leads that they get to sell you stuff."

Reforms

Under the new pension reforms, anyone over 55 will be able to withdraw any amount from their pension scheme. These changes are expected to make it easier in regards to tax, and to pass down pensions to descendants. The reforms, which come into place on April 6 will see all those falling under the scheme granted free advice from Pension Wise, a government service set up to aid the transition. Around 300,000 people are expected to be able to take immediate advantage of changes in pension rules on 6 April.

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If you require legal advice regarding your pension or if you need advice on the new reforms, contact our team of lawyers for specialist advice. We are experts in all elder law matters. Contact us today using our online contact form.