An independent survey commissioned by the Observer in conjunction with insurer LV=, on the first anniversary of the introduction of pension freedoms, shows that only one in five of those within five years of retirement plans to take paid-for, regulated financial advice. Many of those who are planning to seek some sort of help say they will turn to friends and family (13%), their pension provider (16%) or the government’s free service Pension Wise (14%), which offers basic, free guidance rather than tailored advice.
On top of this, recent research released by Citizens Advice implies that almost nine in 10 people (88%) miss common warning signs of a pensions scam, things like unusually high investment returns, cold calling and offers of free financial advice. In their report, entitled Too Good to be True, a mismatch between people’s confidence in spotting a scam and the ability to do so was revealed. Three in four (76%) said they were confident they could identify a pension scam, but just 12% were actually able to do so when a scam was presented to them. Recent research shows 11 million people over 55 have been cold-called or sent a text about their pension. Make sure you have taken reliable regulated advice on your pension pot.
Source: The Guardian
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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