'Keep calm' plea over pensions as Covid-19 pandemic spawns scams
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SAVERS are being urged to keep calm and not rush to make any decisions about their pension in response to the Covid-19 pandemic.
The Pensions Regulator (TPR), the Financial Conduct Authority (FCA) and the Money and Pensions Service (MaPS)have issued a joint warning that fears over the impact of the pandemic on markets and personal finances may make savers more vulnerable to scams or making a decision that could damage their long-term interests.
They are urging savers to take their time and visit the Pensions Advisory Service website, www.pensionsadvisoryservice.org.uk, for free pensions guidance before making any decisions, and to go to the ScamSmart website, www.fca.org.uk/scamsmart, to learn how to protect themselves from pensions fraud.
Charlotte Jackson, head of pensions operations and consumer protection at MaPS, said: “This is a very worrying time for people. For those on the point of retiring, the impact of the virus on the financial markets and therefore on pension savings has been damaging.
"If you have chosen to invest your retirement savings yourself or were looking to retire soon then you may find yourself having to accept a lower income or retiring later. The key thing is to take as much time as you can and try not to panic.
“Most importantly, before taking any major decisions, take the time to get independent guidance or advice. You can call the Pension Advisory Service on 0800 011 3797 or make an appointment with Pension Wise by going online.”
Mark Steward, FCA’s executive director of enforcement and market oversight, said: “Fraudsters will exploit the coronavirus to prey on anxiety and fear of savers and investors, especially those who may be vulnerable.
“Reject all unexpected and unsolicited offers; get to know the warning signs of scams, like high rates of return which sound too good to be true, so-called special offers or pressure to make a quick decision and check our tips and advice on our ScamSmart website.”
