Personal PensionMar 17 2015

ABI starts pension freedoms awareness campaign

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ABI starts pension freedoms awareness campaign

The Association of British Insurers has today (17 March) launched a campaign to help customers understand their choices from the pension reforms that will start next month, where to get guidance and how to avoid being the target of pension scams.

Branded ‘Your Retirement, Your Choice’, it aims to help retirees understand how the pension reforms may affect them, through explaining the changes, directing them to the Pension Wise guidance service, helping them understand their various options and reminding them that if an offer sounds too good to be true; it probably is.

Louise Hanson, director of advocacy at the ABI, noted that April 6 is the start of a pensions revolution, not a deadline to act.

“Don’t be tempted to ‘dash for the cash’, but take time to consider carefully your options – especially as rising life expectancy means we can expect a longer retirement.”

She also warned that the reforms could make it open season for the criminals looking to cheat people out of their pension savings.

“Once money is transferred into a scam you could lose all your pension pot and face a tax bill. If in any doubt, contact your pension provider or Pension Wise.”

The campaign follows a double header of announcements yesterday from The Pensions Administration Standards Association and The Pensions Regulator on this topic.

Pasa’s industry group published its code of good practice for administrators on combating pension liberation via transfers, while the regulator refreshed its ‘scorpion’ campaign to warn of potential fraud.

peter.walker@ft.com