We're deeply saddened by the Russian invasion of Ukraine. Our thoughts are first and foremost with the Ukrainian people as this crisis unfolds.
The Trustees of the Scheme are monitoring the impact of the Russia/Ukraine crisis and will consider what action may be necessary with our advisers.
Retirement Plan Section Members
As your benefits are now fully insured with either of Rothesay Life plc or Just Group plc, the impact of the Russia/Ukraine crisis will not impact the benefits you receive from the Scheme.
Employee Pension Plan and Pension Savings Plan 2001 Members
Depending on which investment funds you have chosen to invest in there may be some exposure to assets in Russia or Ukraine. However, we would expect this exposure to be very small and investment managers will be managing any impact this has on your funds.
More generally the Russia/Ukraine crisis has brought about some uncertainty in financial markets which are still recovering from the impacts of the Covid pandemic. We have seen increasing energy prices which are having a knock on effect to other areas of the economy with inflation predicted to increase to 10% later this year. However, we remind you that pensions are a long term investment and it’s important not to panic about short-term movements up or down.
If you have a number of years before retirement, there is time for markets to recover. If you’re planning to access your pension savings in the near future, you may wish to take extra care.
Choosing what to do with your pension savings is an important decision, so you may want to seek advice or guidance before you decide. Pension Wise is a free service that can help by giving you guidance, so visit their website for more information at www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise
You may also wish to speak to an independent financial adviser before you choose what to do. If you don’t have a financial adviser, you can find one in your area by visiting the Unbiased website www.unbiased.co.uk/
A financial adviser may charge for any help or advice they give.
Please be vigilant against scams. When there is market uncertainty there are those that will seek to take advantage. Remember the 4 simple steps you can take to protect yourself from pension scams:
- Reject unexpected offers like a free pension reviews or cold calls about pensions.
- Check who you are dealing with by checking the Financial Services
- Register and beware of companies that are pretending to be regulated by adopting a similar sounding name. You can find the register at: https://register.fca.org.uk
- Don’t be rushed or pressured, this is a common tactic used by scammers.
Get impartial information or advice. MoneyHelper provides free impartial information and guidance - www.moneyhelper.org.uk/en or find an independent financial adviser and information about how to find an independent financial adviser is on the MoneyHelper website.
For more information on how to avoid scams and useful resources, visit www.fca.org.uk/scamsmart