Don’t let a scammer enjoy your retirement
Scammers are
targeting pension pots of all sizes – help to make sure you know how to spot the
signs.
Pension scams can be hard to spot. Scammers can be
articulate with credible websites, testimonials and materials that are hard to
distinguish from the real thing.
Their impact can be
devastating. Last year, victims of pension scams lost on average £91,000
each.
Use these four simple steps to protect your savings.
1. Reject unexpected pension offers whether made online, on
social media or over the phone.
2. Check who you’re dealing with before changing your
pension arrangements. Check the ScamSmart website or call
0800 111 6768 to see if the firm you
are dealing with is authorised by the FCA to give advice on pension transfers.
3. Don’t be rushed or pressured into making any decision
about your pension.
4. Consider getting impartial information and advice – in some cases it may
be a requirement to do so.
The pensions industry plays a vital role in the fight
against scams. You can help stop suspicious transfers and alert regulators and
law enforcement agencies to fraudulent activity, so we can take action.
Use
TPR’s checklist before you request a transfer and find out more about
the receiving schemes.
To find out more, visit
www.thepensionsregulator.gov.uk/pension-scams
As Trustees of the Scheme, we need to hold personal data about you, so that we can look after your benefits under the Scheme. You can find out more about the personal data that we hold, how we use it and who we share it with in the new Privacy Notice which you can find here.
New flexibilities?
The 2014 and 2015 Budgets announced new, flexible options for members of defined contribution (DC) pension schemes. Since 6 April 2015, DC scheme members can take advantage of one or a combination of the following:
- Buy an annuity – a regular income for life
- Withdraw one or multiple cash lump sums over the short term
- Drawdown income in a number of stages over a longer-term period while keeping the remainder invested
As a defined benefit (DB) scheme member, you could only take advantage of these new flexibilities by transferring out your DB Scheme benefits and into a DC arrangement. This is a very important decision affecting your future and should not be taken lightly. You need to consider your choices very carefully and, by law, will have to consult a financial adviser regulated by the Financial Conduct Authority before taking any action (if your total pension value is greater than £30,000).
If you have Additional Voluntary Contributions (AVCs) in the Scheme, then you can use the value of those to access the new DC flexibilities separately from your DB Scheme benefits. More detail will be provided when you request a retirement quotation from the administration team.
To explore the option of transferring your benefits out of the Scheme to access the new flexibilities, please contact
the administration team.
