Protecting your pension through the pandemic
By Fiona Anderson
Each September, Pensions Awareness Day aims to help people across the UK to think about either planning for their pensions or ensuring that they are getting the most from their pensions if they already receive one.
Unsurprisingly, the usual campaigns have gone virtual this year and, to help you stay as informed as possible and in a position to protect your pension during this difficult time, Age Scotland has put together some top tips and useful resources.
1.Seek professional advice before making decisions regarding your pension
Since the coronavirus outbreak, stock markets have fallen considerably and are likely to remain volatile for a while. You may therefore be wondering if you should bring forward a decision to do something with your pension.
If you are 55 or over, you might be tempted to access your pension pot. Don’t do this without advice and guidance from an accredited independent financial adviser, Pensionwise or The Pensions Advisory Service
You can find further information and advice about Coronavirus and your pension here.
2. Beware of pension scams
Unfortunately, the pandemic has created an opportunity for scammers. A huge spike in scam activity has been reported since March, including an increasing number of scams with a link to coronavirus.
Pension and investment scams can be subtle, playing on consumer fears of market volatility.
Protect your savings by reporting anything suspicious and looking out for red flags such as cold callers, claims that sound too good to be true, pressure selling, people who are hard to contact and claims that relate to coronavirus.
For more warnings on pension scams, click here.
3. Let us help you plan for your future
Pre-retirement planning is something that not many people think about until the time comes to retire. We’ve been working hard to make sure that our Planning For Your Future workshops are still available to workers over 50 even if they aren’t physically in the office due to COVID-19 and we’re delighted that our open workshops are available virtually.
The workshops enable employees over 50 to better prepare for later life and to feel more comfortable having honest and open discussions with their employers about retirement, as well as featuring independent and impartial advice on money matters such as pensions.
The next virtual open workshop via Zoom is on the 6th and 8th October 2020. For more information, get in touch with us at workshops@agescotland.org.uk or visit: www.age.scot/PlanningForYourFuture
For more information, visit: Age Scotland
Author: Fiona Anderson
