Check out our pick of the financial news from across the web this week and find out what we think!
BBC News: Victims lose £1m in pensions scams
Following the recent ban on pension cold calling, the BBC looked at the impact of pension scams. The average loss to victims was £91 000, with two individuals losing a combined £1 million.
People are usually enticed by promises of high returns on investments. The Pensions Regulator advises people to be vigilant of unexpected calls, texts, emails or social media adverts.
Read the article here: https://www.bbc.co.uk/news/business-47030205
Lower my Charges’ take: It’s shocking that people are being scammed out of their retirement savings. Please do not respond to any unsolicited calls offering ‘pensions deals’. They’re banned but we’re not so sure the fraudsters won’t keep trying.
BBC News: Pension savers ‘cash in, but lose out’
The BBC looked at the new plans from the Financial Conduct Authority to make investing details and charges clearer. The proposals come amid information released by HMRC stating that £23 billion worth of pension savings have been ‘cashed in’, despite this often meaning savers lose out.
The FCA also proposes to send information packs to customers at the age of 50 to explain their options regarding their pensions.
Read the article here: https://www.bbc.co.uk/news/business-47030202
Lower my Charges’ take: Pension freedoms can be a good thing but anybody looking to exercise them should take advice from a regulated financial adviser. One with low charges of course!
Employee Benefits: Almost two-fifths of employers do not view financial wellbeing strategies as a priority
Despite research suggesting that financial wellbeing is a major part of attracting and retaining staff, Employee Benefits found in a report that 37% of employers aren’t implementing financial wellbeing strategies and don’t have plans to offer one.
The report found that those who do have financial wellbeing strategies saw improvements in productivity and staff retention.
Read the article here: https://www.employeebenefits.co.uk/financial-wellbeing-strategies-priority/
Lower my Charges’ take: Whilst it’s understandable that many employers do not yet have a financial wellbeing strategy in place, it’s also a wasted opportunity. Many studies have shown that one of the major causes of stress can be financial worries, and that these can affect all employees whatever their position in the business. Promoting financial wellness can help, making the workplace happier and more productive.