Keeping your pension safe
Recently, the Pensions Regulator asked that scheme administrators demonstrate additional vigilance against pension scammers. There are new schemes attempting to lure people into a “safe haven” pension scheme during the current COVID-19 crisis.
The scam could impact you if you are thinking of transferring your pension into another scheme. It is essential that you demonstrate extreme caution at this time and visit ScamSmart before making any financial decision at this time.
When you transfer your pension, it should only be passed onto another government-backed scheme. Therefore, we believe your pension is safe in the Teachers’ Pension Scheme. We know that your pension entitlements can only be transferred out to public service schemes such as those offered by the Local Government, NHS, Police and firefighters, to name a few.
If you qualify for other pensions, outside the Teachers’ Pension Scheme, be sure to ask for independent professional advice before making any decisions about your benefits.
This is an uncertain time and people are praying on vulnerabilities. Remember to check out ScamSmart before making any significant choices with your money or investments.
The content in this article was correct on 15th May 2020. You should not rely on this article to make important financial decisions. Teachers Financial Planning offers advice on the different types of retirement available with the Teachers’ Pension Scheme. Please use the contact form below to arrange an informal chat with an advisor and see how we can help you.