According to recent data, pension scam red flags are at the highest level ever recorded.
The Pensions Regulator (TPR) has today asked trustees to warn savers that transferring from a defined benefit (DB) to a defined contribution (DC) pension scheme during the COVID-19 crisis is “unlikely to be in their best long-term interests”.
A recent report that compares 37 retirement systems across the globe has given the UK pension system a C+ and ranked it 14th in the world because, although it scores high on integrity, it is low on adequacy and sustainability.
At a time when life expectancy is rising and healthcare is forever evolving, many Britons are living for 20 to 30 years after they retire, which is why making adequate preparations for retirement is now more important than ever before.
A recent report suggests that savers in defined contribution (DC) pension schemes are missing out on higher returns because there is a lack of investment opportunities for the schemes.