On the go: Seven UK regulators and authorities have teamed up to create a guide to address savers’ most common pension concerns throughout the coronavirus crisis.
The Financial Conduct Authority, the Financial Services Compensation Scheme, the Money and Pensions Service, the Pensions Ombudsman, the Pensions Regulator, the Pension Protection Fund and the Department for Work and Pensions joined forces to bring in one place information for savers on the support available to help protect their pensions.
The 26-page guide, published on Wednesday, has been produced by the bodies to reassure scheme members who are concerned about the impact of the Covid-19 crisis on their financial wellbeing and pension pots.
The guide outlines all the protections that are in place and directs savers to where they can go to seek free, impartial guidance should they have any further questions.
It includes information on how to avoid scams and whether it is safe to switch pensions at this time, and what has happened to pension contributions for individuals who have been furloughed.
Guy Opperman, minister for pensions and financial inclusion, said: “We’re doing whatever it takes to ensure people are supported through these unprecedented times and this guide is a useful addition to the measures pensions bodies have already taken to assist savers, such as TPR’s transfer warnings and reporting easements.
“Keeping people informed is vital, and I welcome the co-ordinated approach being taken by the different pension bodies to assist anyone who needs advice or guidance.”
The move comes as both the PPF and FSCS report an increase in the number of enquiries they have received from concerned pension savers seeking guidance during the pandemic.
TPR, the FCA and Maps have previously worked together to raise awareness of the risk of opportunistic pension scams at this time.
Charles Counsell, chief executive of TPR, said: “By working together, all organisations whose goal it is to protect savers are at their most effective, and so I welcome this guide as a useful tool to drive confidence in pensions.
“Among the biggest threats to pensions are scammers, and the guide gives important advice to savers on how to protect themselves, particularly as we battle through the Covid-19 crisis.
“By helping savers spot the signs of a scam and highlighting where they can get advice, guidance and support, including by telephone and online, we hope to stop scammers in their tracks.”
This article originally appeared on ftadviser.com
