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Press comment: Scam awareness month


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:

About Quilter plc:

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

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

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 Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.