PBL, which uses the trading name ‘Your Pension Options’, called people about their pensions without permission to do so despite a new law banning pension cold calling, said the ICO.

The ban on pensions cold-calling came into force in 2019.

The law makes it illegal for companies to make “nuisance calls” to people about their pension schemes. The only exceptions are where the caller is authorised by the FCA, is the trustee or manager of an occupational or personal pension scheme and the recipient has consented to the calls or has existing relationship with the firm calling.

The new law was designed to crack down on a wave of pension cold calling, some of which has been linked to pension scams, although there is no suggestion that PBL was itself involved in any scams despite breaching the law.

An ICO investigation found that PBL made calls to people offering possible pension reviews, with a view to arranging an introduction to an adviser.

The company admitted to making 96,817 calls and the ICO received 16 complaints from people about the company’s activities.

The ICO’s investigation found that that PBL sourced the data for its calls from a third-party data supplier which obtained the data from various websites. These sites required those signing up to them to agree to possible marketing from long lists of sectors and organisations. 

However people appeared unable to select which, if any, firms or sectors they were happy to have their details passed on to or receive marketing material from. PBL therefore did not have "informed consent" from the people it called, the ICO said.

The ICO has also issued PBL with an Enforcement Notice banning the firm from making further similar calls.

Andy Curry, ICO head of investigations, said: “Cold calls are a common way of attempting to defraud people out of their pensions and we will take tough action where we find companies carrying out this kind of marketing. The law was updated specifically to protect these often vulnerable people and their retirement funds.

“Companies are responsible for knowing the law and following it. We have a range of powers and enforcement action which we can and will take on behalf of the public to put a stop to the activities of unscrupulous companies.”

• People who believe they have been the victim of nuisance texts, calls or emails, can report them to the ICO, get in touch via live chat or call the ICO helpline on 0303 123 1113.