Check out our pick of the financial news from across the web this week and find out what we think!
Money Marketing: Auto-enrolment hits 10m savers milestone
Money marketing looked at new figures from The Pensions Regulator this week, which stated that the number of people contributing to an auto-enrolment pension scheme had hit 10 million.
Read the article here: https://www.moneymarketing.co.uk/ae-hits-10m-savers-milestone/
Lower my Charges’ take: Great news that some 10 million employees are now signed up for Auto Enrolment. Success rates will be tested when contribution rates increase in the spring. It’s also important that anybody in a scheme appreciates the likely pension benefit they may be building if they are only contributing the minimum amount. Whilst it’s a good start, on its own it won’t make for a comfortable retirement.
Independent: £197m a year: the growing cost of investment scams
The amount lost to pension scammers last year alone was almost £200 million. The Independent reported on the latest figures from the FCA, which found that the average individual loss was a huge £29 000. Pension fraudsters often target vulnerable people, contacting them through social media, email or phone, promising high returns on investments.
Lower my Charges’ take: Wish it wasn’t the case but another week, another scam.