PENSION SCAMS
With pension freedoms, pension scams are unfortunately on the increase. Fraudsters use sophisticated ways to try to part individuals and companies from their retirement savings. Watch out if an individual or company: ●●contacts you unexpectedly about your pension ●●says you can access your pension before 55 ●●encourages you to take out part, or your whole pension, and let them invest it for you ●●asks you to transfer your money quickly ●●offers you an investment described as ‘unique’, ‘overseas’ and ‘environmentally friendly’.
If it sounds too good to be true…
part time, or maybe utilising other assets, such as investments, cash and property to provide ongoing income and/or lump sums.
Te need for advice
Assessing your position and taking the appropriate action can be confusing and you may benefit from seeking professional advice.
A financial adviser will undertake a
detailed review of your circumstances and financial position. They will look at the full range of options available and provide recommendations to help you achieve your goals.
A financial review will help you to clarify your current position and answer the following questions: ● ●What is the value of your pension, what income will it provide, and at what age? ●●How much of a tax-free lump sum could your pension provide? ●●Are your funds invested at the right level of investment risk? ●●Should you consolidate your funds to simplify your arrangements? ●●Are plan charges competitive? ●●Do your plans allow you to have a flexible level of income that can be altered as your circumstances change? ●●Are you making the most of available tax relief? ● ●Will funds go to your chosen beneficiaries on death?
The Government has a free service called Pension Wise where individuals over 50 can receive guidance on their options. Further details can be found at
www.pensionwise.gov.uk Is it time to seek advice?
relief on the payments. For those who are employed by someone else, employers are required to automatically enrol their workers into a workplace pension scheme and, if eligible, make contributions on your behalf. The self-employed won’t have an
employer providing a scheme or adding money to their pension in this manner. However, pension planning to prepare for retirement is equally important. In all cases, you should have easy access to a pension and the tax relief
“It is never too soon, nor too late, to start saving for your retirement”
available. Additional strategies may include working a little longer, working
i
Ian Cuthberston is a chartered financial planner with Pannells Financial Planning Ltd in Glasgow. For more information, call 0141 249
8437, email
ian.cuthbertson@
pannellsfp.com or visit
www.pannellsfp.co.uk
The information provided is based on our understanding of current legislation and tax law and may be subject to change in the future. Pannells Financial Planning Limited are authorised and regulated by the Financial Conduct Authority, Registration Number 137362.
CABLEtalk AUGUST/SEPTEMBER 2019 31
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