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Brexit survey shows action on cold calling tops govt initiatives for advisers

4 October 2018

Nearly two thirds of advisers would like to see the government press ahead with a ban on pensions cold calling, results from a new Brexit survey have shown.

With just six months to go until Brexit day, pensions giant Aegon surveyed advisers on the initiatives they would like to see the government prioritise following Brexit.

The results found as many as 62% of advisers want the government to push through adequate legal protection against fraudulent activity in the form of ‘cold callers’ which can lead to people losing their lifetime savings.

Meanwhile, almost six in 10 (59%) advisers said they would like greater government priority on a new social care funding deal.

Steven Cameron, pensions director, Aegon, said: “With people on average living longer, more of us will need some form of care in later life and how to share the costs fairly between the government and the individual is one of our greatest societal challenges. The sooner the government sets out its proposals, the sooner advisers can help their clients plan ahead.”

In third place (39%) in the survey was greater government attention on making homes more affordable for first time buyers, while 35% would like to see policy makers prioritise advance pension saving initiatives for self-employed workers who do not currently fall under the auto-enrolment umbrella.

Cameron commented: “While Brexit will continue to dominate the government’s time in the months ahead, we can’t allow other policy initiatives which would benefit savers to be pushed back indefinitely. Advisers are clearly very concerned about the risk of individuals being scammed out of their pension savings by cold callers and every month of delay risks more people losing their life savings to fraudsters.”

Low down on advisers’ priority list was the reform of tax relief which individuals get on their pension contributions, with just one in ten (17%) citing this.

Cameron added: “At the moment, people who pay higher rates of income tax get more of a government top-up than basic rate taxpayers. While this might be worth considering longer term, it would be very complex and Aegon agrees that other initiatives should be given higher priority.”

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