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Press comment: Scam awareness month

01/07/2016

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 076tim.skelton-smith@omwealth.com

Notes to Editors:

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.

Old Mutual Wealth oversees £131.3 billion in customer investments (as at 30 September 2017).

It has an adviser and customer offering spanning: Financial advice; investment platforms; multi-asset and single strategy 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; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

Old Mutual Global Investors (‘OMGI’) is the asset management business of Old Mutual Wealth with £39.8bn funds under management (as at 30 September 2017). On the 19th December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Following managed separation from Old Mutual plc, Old Mutual Wealth will rebrand to Quilter plc. Each of the businesses within the Quilter Plc group will be rebranded over a two-year period, with the exception of Quilter Cheviot, which will retain its existing name.

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 million (as at 31 December 2016) customers across the world and has a total of £212.3 billion of assets under management (as at 30 June 2017).

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