In his latest blog David Fairs, TPR’s Executive Director of Regulatory Policy, Analysis and Advice, examines how updates to TPR guidance during the COVID-19 pandemic are designed to help trustees support members during this uncertain time.
He also examines key risks to savers, particularly the dangers of financial shocks panicking savers into making knee-jerk financial decisions they later regret due. Or people losing faith in pensions as a safe way to save for their retirement.
Savers are also warned of the dangers of opportunistic fraudsters who may be looking to take advantage of the pandemic to plunder pension pots. The Regulator is urging savers who are worried about their retirement savings to do four things:
1. Visit the Pensions Advisory Service website for guidance on how COVID-19 may have impacted your pensions.
2. If you are aged 55 or over and considering drawing your pension, you can book a Pension Wise guidance session to fully understand your options.
3. Use a financial adviser to help you make the best decision for your own personal circumstances. Make sure the firm you are dealing with is FCA-authorised, and they are permitted to provide pension advice. You can check the firm you are dealing with is authorised by visiting the FCA Register.
4. Learn how to protect yourself from pensions scams by visiting the ScamSmart website.
You can read David Fair’s blog in full on The Pension Regulator’s website