Cybersecurity

You should have received a letter from the Trustee confirming whether you were impacted by the cyber incident suffered by Capita, who formerly provided our pension administration services, and if so, what data was exfiltrated.

Not surprisingly, we have received questions and concerns from members on this matter. We have prepared an FAQ document which answers the most common questions we have received, and we will respond directly to those questions raised that are not covered by the document.

We would like to remind you of some simple but important steps that can be taken to protect the security of your data, such as using strong passwords and changing them regularly, and being vigilant for any unsolicited communications you receive.

If you have not already done so, be sure to sign up for the complimentary credit and web monitoring service provided by Experian which was included in your letter. This service helps detect possible misuse of your personal data and provides identity monitoring support, focused on the detection and resolution of identity theft. To obtain this complimentary service, you need to activate it before the enrolment period expires (which will occur on 11th October, as noted in your letter). Please remain watchful for any signs of unusual activity that may indicate your data security has been compromised.

We take the security of your data very seriously and continue to engage with Gallagher, the Plan’s current Administrators, in ensuring they have appropriate protections in place to prevent, detect and respond to cyberattacks.

If you did not receive a copy of the letter, or have any questions in relation to this, please contact us via email: ukpensions@p66.com

Pension scams

The last few years have seen an increase in pension scam activity, with savers being pressured into transferring their pensions into arrangements that might seem legitimate and promise a lot, but which result in people losing their money. We want you to be aware of the risks and know what to do if you are suspicious.

The Pensions Regulator (www.tpr.gov.uk/en/pension-scams) provides common warning signs of a scam, including:

• Phrases like ‘pension liberation’, ‘loan’, ‘loophole’, ‘savings advance’, ‘one-off investment’, ‘cashback’
• Guarantees they can get better returns on pension savings
• Help to release cash from a pension before the age of 55, with no mention of the tax bill that can arise
• High-pressure sales tactics – time-limited offers to get the best deal; using couriers to send documents, who wait until they’re signed
• Unusual high-risk investments, like property, renewable energy bonds and forestry, many of which tend to be overseas, making it difficult to check ownership or even whether the investment exists
• Complicated investment structures
• Fixed-term pension investments which often mean people do not realise something is wrong for several years

You should take your time and always independently check who you’re dealing with. You can use the Financial Conduct Authority’s ScamSmart website, www.fca.org.uk/scamsmart, to access the register of firms and individuals who are authorised to give you financial advice.

The ScamSmart website also gives you instructions for what to do if you think you’ve been targeted. You can also report a scam (or attempted scam) to Action Fraud. Call 0300 123 2040 or use the online reporting tool on Action Fraud website: www.actionfraud.police.uk.