Today marks the start of Scams Awareness month. If you are covering scams within the pensions market please see the below comment from Jon Greer, pensions expert at Old Mutual Wealth:

Jon Greer“The pension freedom changes that came into force in April 2015 have changed the shape of pension scams as they gave people easier access to their funds from the age of 55. With access now less of an issue, the scammers are simply looking for savers to withdraw their funds and divert their savings into other investments with the promise of amazing returns, which often fail to materialise.

“Research we recently undertook with YouGov found that more than one in ten (12%) of the over-50s has been contacted about a ‘free review’, ‘unlocking’ or ‘liberation’ of their pension. Two-thirds of those contacted have been contacted by phone.

“While there are many ways for someone to secure an income from their pension savings there are also many pitfalls to be aware of. People will have spent years building up their pension funds to provide an income in retirement, but one relatively simple move can mean all that hard work comes to nothing. To avoid becoming a victim of a pension scam I would suggest people take three steps to make sure they are comfortable they are making the right decision: 1) If you are cold-called, do not agree to anything on the first call. Take the company’s details and do your own research; 2) Check the FCA’s Scamsmart site for companies on the warning list and 3) Speak to a financial adviser to be sure of your legitimate options with your pension savings.”



For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145

Notes to Editors:

Old Mutual Wealth

Old Mutual Wealth is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

It has an adviser and customer offering spanning:

  • Financial advice delivered by the Intrinsic network in the UK and AAM Advisory in Singapore
  • Platform based wealth management and protection products delivered by Old Mutual Wealth in the UK and Old Mutual International globally
  • Asset management solutions delivered by Old Mutual Global Investors
  • Discretionary investment management delivered by Quilter Cheviot.

Old Mutual Wealth oversees £127.3 billion in customer investments (as at 30 June 2017).

Old Mutual Wealth is part of Old Mutual plc, a FTSE 100 group that provides life assurance, asset management, banking and general insurance. Old Mutual is trusted by more than 19.4 (as at 31 December 2016) million customers across the world and has a total of £212.3 billion of assets under management (as at 30 June 2017).

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Old Mutual Wealth Management Limited, a Private Limited Company (Company Number 0604270), Old Mutual House Portland Terrace Southampton Hampshire SO14 7EJ.