The survey by PLSA, released on 19 February, ran from December 2017 to January 2018 with 2,004 UK adults taking part.
It found that only 8% of participants did not have a view on implementing greater checks.
Stricter rules
While 88% said the checks pension providers undertake to protect consumers from scams are good, four fifths (79%) agreed there should be stricter rules and checks to ensure that pension pots are secured.
James Walsh, policy lead for engagement, EU and regulation at PLSA, said the research shows consumers struggle to identify pension scams and are keen to see stronger checks.
“As an industry, we need to step up to this challenge and the government’s recent commitment to tabling an amendment to the Financial Guidance and Claims Bill to introduce a ban on pension cold-calling is a step in the right direction.
“However, pension scams come in all shapes and sizes as scammers become increasingly sophisticated. Whilst the government’s ban on cold calling is welcome it is only part of the solution,” Walsh said.
Questions and responses
Scam scenarios
One part of the survey asked people to identify potential pension scams from a selection of scenarios. The research found that 29%, equating to 14.8m UK adults, missed the most obvious pension scams.
The majority (65%) were able to identify a situation “when they were contacted by someone who is trying to get you to transfer your pension to an investment or scheme which seems too good to be true” as a scam but were less sure about other scenarios.
“The PLSA is calling on the government to make urgent progress towards introducing an authorisation regime for pension schemes. That will reassure people that they are only dealing with legitimate providers,” Walsh said.
One in six (17%) of those with a pension said they had been contacted by a company, other than the one that provides their pension, to discuss making changes or transferring their pension.
One in 10 (11%) said they had been contacted multiple times.
Scam identification
