The coronavirus pandemic is ongoing. The Trustee of the Bank of America UK Retirement Plan and the Trustee of the Bank of America UK Pension Plan are continuing to monitor the impact of the pandemic on Plan members.
Global investment markets remain volatile as the world adapts to the ongoing challenges of the coronavirus pandemic. This volatility is reflected in the funds that make up the investment options within the current Plans.
In the midst of the uncertainty, there has been a rise in pension scams. Scammers are getting ever more sophisticated so we all need to be on our guard.
Read on for more information.
As the world continues to deal with the effects of the coronavirus pandemic, global investment markets remain volatile. This volatility is reflected in the funds that make up the investment options within the current Plans.
The Trustee of the Bank of America UK Retirement Plan and the Trustee of the Bank of America UK Pension Plan are monitoring the impact of the pandemic on the plans' investment options, with support from their advisers. They also review these options on an ongoing basis to ensure that they continue to meet the Plans' long-term objectives.
For you, the effects of ongoing market volatility will depend on how you have chosen to invest and how far away you are from your target retirement date:
Getting advice in uncertain times
Whether you are a long-way from retirement, or planning to retire in the near future, it is important you carefully consider how the ongoing effects of the pandemic might influence your plans. There are different risks to consider when investing for the long-term or taking your savings from the Plan. We recommend you seek financial advice before making any changes or decisions about your investments and benefits with the Plan.
You should look for a financial advisor who is regulated by the Financial Conduct Authority. Please note this service will most likely cost a fee.
You can visit the following websites to find an adviser in your area:
Neither the Trustee nor the bank are able to provide you with financial advice.
Market shocks happen from time to time, and our strategies are performing in line with expectations. This does not mean that you cannot make changes to your investment choices at any time.
Your plans for the future may change and it is important that you review your contributions and target retirement date to ensure they remain appropriate for you. As always, we encourage you to review your pension savings and consider what actions, if any, you could take to better prepare for retirement.
You can review and update your contributions at any time on MyBenefitChoices. If you are on long-term absence, please contact the MyBenefitChoices helpline on 00800 4772 4772 (option 2) or email firstname.lastname@example.org
You can review and update your target retirement date and manage your investment choices on the Plan administration website (Orbit).
If you are logging on from inside your employer’s network, via SSO
If you are logging on from outside of your employer’s network, go to Orbit here
Scams – don’t be caught off guard
Criminals operating pension and other financial scams are becoming more and more sophisticated, so it is vital that you are vigilant and take steps to protect your money. Scams are on the rise at the moment and many victims are being contacted specifically regarding their bank accounts and login details.
Often scammers try and take advantage of vulnerable individuals and look to make people feel uncertain or confused so they can pressure them into making quick decisions or providing personal information. Many of us may be feeling more vulnerable and unsettled than usual at the moment, so we would like to encourage all our members to remain especially alert to attempted scams.
Please note that since January 2019, unsolicited calls, texts and emails about pensions have been banned. This means you should not be contacted by any company about your pension unless you’ve asked them to.
Learn more about the dangers of pension scams, how they work and how to avoid them here.