Savers Urged to Take Care and Not Rush Financial Decisions

UK regulators are working to protect savers from scams and rushing decisions which could damage their long term interests. 

‘If you are making decisions regarding savings and investments, including pensions, during this difficult time, please consider this carefully and seek advice from the Pensions Advisory Service before making any decisions about retirement savings’ - Dr Ben Spencer

The impact of the coronavirus pandemic on income, savings and investments has left many concerned over their personal finances, especially those approaching retirement. It is important that all savers careful consider the full impact of financial decisions being made as a result of the Coronavirus pandemic.

The Pensions Regulator (TPR), The Financial Conduct Authority (FCA) and The Money and Pensions Service (MaPS), are urging savers to visit the Pensions Advisory Service website for free pensions guidance before making any decisions about their retirement savings.

Savers aged 55 or over and considering drawing their pension can also book a Pension Wise guidance session to fully understand their options. This can be accessed here.

Further information and support with pensions and savings is available from the following sites:

All savers should also be aware of the risk of scams already seeking to target those affected by the pandemic. Savers should use the ScamSmart website to learn how to protect themselves from pensions scams.

If you are concerned that you, or someone you know has been a victim of a scam, please call the police on 101. If you feel threatened report this to the police immediately be calling 999.