Don't ever assume anything about pipes or cables.
The son of a plumber friend of mine was nearly killed when he "assumed" that the "lead pipe" he cut through was a lead water pipe. It wasn't. It was a lead sheathed, very live electricity cable.
Unless you are 200% certain that the cable is disconnected at both ends and the pipe does not carry gas, oil or water, then I would protect with steel channel.
It's bad practice to bury any pipe or cable directly into plaster or whatever.
If you are feeling brave and competent, you could remove some insulation with an insulated electricians knife from the cable and check with a good meter against a known ground. Don't forget that the supply could be turned off somewhere else. It's why electricians use their own padlocks to lock of main switches. Even dead cables can show an induced "ghost" voltage on a meter.
On the same lines, you could drill a minute hole in the pipe, assuming copper and see what comes out. Have at hand some emergency leak sealer or a repair sleeve.