A UK ban on cold - calls to sell pensions will be expanded to include emails and texts in an attempt to combat fraud . Companies without existing relationships or prior permission to make contact could be fined up to £ 500,000 ( $ 644,190 ) . Cold calls relating to mortgage sales are already banned . A government spokesman said that introduction of the rules would depend on the availability of parliamentary time , meaning that regulations may not be in force for many months . Since then, anyone over the age of 55 has been allowed to withdraw money from their pension, with the ability to spend it, or invest it elsewhere. Consumer group Fair Telecoms said the rules were insufficient and that a total ban on all unsolicited direct market calls would follow .
A UK ban on cold - calls to sell pensions will be expanded to include emails and texts in an attempt to combat fraud . Companies without existing relationships or prior permission to make contact could be fined up to £ 500,000 ( $ 644,190 ) . Cold calls relating to mortgage sales are already banned . A government spokesman said that introduction of the rules would depend on the availability of parliamentary time , meaning that regulations may not be in force for many months . Consumer group Fair Telecoms said the rules were insufficient and that a total ban on all unsolicited direct market calls would follow .