Research by Aviva has shown that 70% of people aged 45-64 interviewed as part of this research are willing to embrace new technology, including devices, software and apps. But these ‘tech adopters’ are an increasing target for online scammers.

Even with this willingness to adopt new technology, only a quarter of 45s–65 year olds have no concerns when using technology, and falling to 18% for over-75s. So, with most 45s-65s having concerns, is there any wonder why so many have been affected by online scams?

Fears when using technology

Over-45s have described the biggest fears they have when they use technology as getting a computer virus, and being scammed or hacked.

The most common way people are scammed is through email or over the phone, and seven in ten (71%) of people aged 45-64 say they have been targeted with emails, rising to 75% of 65-74 year olds and again to 76% for over 75s. Over 75s are twice as likely (8%) to become a victim of an email scam compared with the lower 4% of 65-74 year olds.

There is a large portion (66%) of people in or going into retirement who have many concerns relating to being hacked, this will be worsened by the increase on media coverage of large company hackings being publicised.

It pays to stop and think

The Financial Fraud Action UK Take Five campaign recommends five ways to fight financial fraud:

1. Never disclose security details
2. Don’t assume an email, text or phone call is genuine
3. Don’t be rushed
4. Listen to your instincts
5. Stay in control

To find out more about the campaign and how to stay safe in a digital world visit takefive-stopfraud.org.uk

This comes after Police data shows that more than £43m of people’s retirement savings have

been lost to fraud since the pension freedom reforms were announced. Figures from The Pensions Regulator estimate that around £500 million is stolen from our pensions every year.

There are different types of scam, but they often begin by someone contacting you unexpectedly by phone, email or letter. They may invite you to learn more about:

• an investment or other business opportunity that you’ve not previously spoken to them about
• taking your pension money before you’re 55
• ways that you can invest your pension fund

Protect yourself from fraud

Fraudsters and their scams are becoming increasingly sophisticated. They can be financially articulate and very convincing; with websites and marketing material that make them look legitimate. So how would you know if you’re about to be the next victim?

Spot the warning signs - If you’re contacted out of the blue, if the investment risks are downplayed, or they are using pressurised selling tactics which offer a bonus or discount, it should set off alarm bells. And if the offer is ‘one time only’ or you’re asked not to share the details of the ‘opportunity’, you should be suspicious.

Check the Financial Services Register or call 0800 111 6768. If an individual or company is not on the register, it’s probably a scam.

A good rule of thumb with all scams if it’s too good to be true, it probably is.

If you think you are being targeted by a scam hang up the call, delete the email, rip up the letter. If you think you have been the victim of a scam already contact Action Fraud, the UK's national fraud and cybercrime reporting centre, immediately on 03001232040.

To find out more about how to protect yourself from financial scams visit:

• FCA ScamSmart
• Take Five
• Pension Wise
• The Pension Advisory Service

As your trusted Financial Adviser, you should always talk to us before taking any critical financial decisions, especially when it comes to something as important as your pension.

OW1285

David thought he was a fit, healthy, middle-aged man, with a good exercise regime and diet. He was a keen runner, and had even completed the New York marathon. It was only when he experienced angina-like symptoms that he went to his GP.

He was diagnosed with hereditary coronary heart disease.

David was shocked at this diagnosis – and even more so when his surgeon informed him he had already had a heart attack. The surgeon suggested that David’s seemingly normal response to running had disguised the symptoms of angina.

Luckily, David had critical illness insurance cover in place and after receiving the diagnosis, David got in touch with his policy provider who provided useful information and guidance on how to make a claim. The process was straightforward and the provider kept in touch with David right up until the cheque was banked.

David is self-employed and chose to stop work while he received treatment for his heart condition. Having the financial payout from his policy meant that he could concentrate on recovery and make sure his family didn’t have the additional burden of paying the bills while he wasn’t working. He now works part time and enjoys more time at home with his family.

David has always been a firm believer in having cover in place for the unexpected, and in his case it has been worth every penny.

Critical illness cover is often underestimated when it comes to taking out protection insurance as many people think it’s an expensive monthly outgoing when the chances are “it’s not going to happen to me”. But with statistics like this, it’s a mindset more of us should think about changing:

• 15,464
  Critical Illness claims were made in 2016
• 1 in 17 1 in 13
  More than a fifth of all cancer deaths are from lung cancer, and it’s estimated 1 in 13 men and 1 in 17 women will be diagnosed with this in their lifetime
• 100,000
  Around 100,000 people in the UK have Multiple Sclerosis, with most people diagnosed between ages 20 and late 60s

Don’t leave it to chance, get in touch with us today and we can review protection arrangements for you and your family.

Based on a real-life case study. The names have been changed to protect the privacy of individuals.

OW 1291

According to a study from Legal & General, 53% of the UK’s small businesses think they would cease trading in less than a year, should a key employee die or be diagnosed with critical illness and unable to work.

These figures ought to concern most business owners – especially given that the Federation for Small Businesses also reported around 50,000 SMEs go under each year because of late loan repayments – and it's a trend that could continue given the uncertain economic climate. Worryingly, approximately 60% had dipped into their personal savings to fund their business.

Protecting the most important assets

You may have covered the tangible assets of your business, but have you protected your most important assets: the people who directly contribute to your profits?

If the answer’s no, ask yourself:

• how would your business cope if a key employee suddenly died?
• would the business have to find the money to pay back any loans?
• what if you became critically ill?
• can the business afford to fund a suitable replacement until you’re fit to return?

If the unexpected happened, it could pose a serious risk to your business.

Taking out Business Protection can help to cushion the financial impact of these unplanned events, including:

• repaying, or part repaying, an outstanding business debt
• funding the recruitment of specialist staff
• purchasing the shares from a deceased business partner or director’s estate

Every business will have different protection needs depending on their size and nature, so it’s important to get advice on the cover available and how it might suit your circumstances.

Smaller business; greater risk?

The loss of a key employee is likely to have a much greater impact on the running of a small business compared to a larger organisation, because there will be less resource to pick up the pieces and keep everything running smoothly. But despite the risk, smaller companies are least likely to have business protection in place, yet these are the very businesses who may need this protection the most.

If your business would be financially impacted by an unexpected event, or you’d like to review your current level of business protection, please get in touch.

OW1309

If you have a mortgage, or people who rely on your income, you should have some sort of protection cover in place in the event that you have to stop work. We can advise you on a range of policies designed to either pay out a lump sum, or provide a temporary regular income.

Critical Illness cover

Following a successful claim, receiving a lump sum on diagnosis of a specified critical illness can give you precious breathing space; space that allows you and your family to overcome the initial shock and begin a potentially gruelling treatment regimen without the added strain of mounting debt.

But it’s not just your finances that a critical illness pay out could help with. What if you wanted to pay for treatment that’s not available on the NHS, or you needed to make structural changes to your home as a result of your illness? And after the treatment, wouldn’t it be lovely to take the family away so that you could all relax and spend some quality time together?

Income protection

According to research from Macmillan Cancer Support, four out of five cancer patients face a monthly expense of £570 a month as a result of their illness, due to the impact of reduced earnings and additional expense including hospital visits and higher utility bills. When you consider that the average weekly household spend in the UK in 2017 was £554.20, it’s clear that even a relatively short time off work could have an immediate impact.

Income Protection can replace part of your income if you’re unable to work for a long time due to illness or disability. This can help you keep up your regular outgoings such as rent or mortgage payments and the usual household bills and expenses. Some plans have the facility to add unemployment cover and some offer additional benefits like counselling services which can ease the burden during a potentially difficult and stressful time.

Will your policy pay out?

If you're put off buying protection because you don't think it will pay out when you need it, think again. According to the Association of British Insurers £4.7bn was paid out on protection claims in 2016, the equivalent of 97% of all protection claims received during the year.

Did you know?

The average age of a critical illness policy claimant is 47, and 54 for a terminal illness claimant - Legal & General Claims Department 2017, based on critical illness and terminal illness claims paid in 2016

If you’d like to talk to us about critical illness cover and income protection as part of a protection portfolio, please get in touch.

Generally speaking, and subject to investment performance and charges, the more you save and the earlier you start saving, the better shape your financial assets are likely to be in when you need to draw on them.

When work reduces, or ends, your pension fund will be an important (but not necessarily your only) financial asset. You could have money on deposit and investments in some, or all, of the following:

• ISAs
• collective investments
• stocks and shares
• insurance-based products
• Buy to Let property

...to name a few!

The decision on where to draw funds from when you achieve retirement will be an important and potentially complex decision and there are many factors that can influence it:

• whether, and if so, how and when to access pension savings held either in a personal or workplace pension
• how to make your pension last through retirement (given most of us are living longer)
• how to protect your retirement income against the effects of inflation

The State Pension

For many the income the State provides will form a key part of their retirement income. The amount of State Pension you’re entitled to usually depends on the National Insurance (NI) contributions you’ve paid.

If you reach your State Pension age after 6 April 2016, you may be entitled to the new state pension, the full amount of which is £164.35 a week (2018/19). The full state pension is payable with 35 years NI contributions or credits.

State Pension Age for women is gradually increasing and will reach 65 by November 2018. State Pension Age for both men and women will then increase to 66 by October 2020 and then to 67 and eventually 68 by 2046.

Ensuring good decision-making

Clearly, the greater the value of your investments, the greater chances you’ll have of a financially rewarding retirement. But the more investments you have, the more important it will be to think very carefully about where you take money from when the time comes to take it.

The various investments mentioned above will have different tax rules applying to them so having a good understanding of these rules, or seeking advice from a tax specialist, will be helpful to good decision making. You’ll also need to think about the relative importance of certainty of income, access to capital and preservation of capital for your family, as well as the degree of risk you’re prepared to take to achieve your required level of return on the investments that remain in your pension fund.

If you’d like expert advice on your retirement choices, please get in touch.

The value of your investments and any income from them can fall as well as rise and you may not get back the original amount invested.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

OW1251

In 2017, some £3,190 million worth of UK residential property was sold at auction, accounting for 21,024 properties. Even though this is just a drop in the ocean compared to the 99,800 residential properties bought through regular channels in December 2017 alone, buying at auction gives you the chance to pick up your dream home (or a fixer-upper) at a good price and makes the buying process much quicker.

Homes under the hammer

Before you take your place in an auction it’s important to decide on your price limit. You should base this on the price that similar properties in the same area have recently sold for – and of course your own budget. Remember to factor in any additional costs, like mortgage fees and any stamp duty that may be due. If you’re not a cash buyer it’s wise to get a mortgage decision in principle before you raise your hand, as winning bids are legally binding as soon as the gavel goes down. If you win, you have to pay a 10% deposit on the day and you usually have a further 28 days to pay the remaining 90%.

Know what you’re bidding for before you bid!

Before you bid on a property in auction you should go and view it – the same way as you would if you were buying through an estate agent. You should also take the opportunity to employ a Surveyor or similar to carry out a Homebuyers Report or Full Structural Survey. You won’t get the cost of the survey back if you’re out-bid in the auction but that’s preferable to ending up with a large investment in something that requires a lot more work – and money – than you bargained for.

If you’re thinking of buying your home under the hammer:

• You could find a great deal, whether it's an undervalued home with planning permission or a renovation project, there are plenty of bargains to be found at property auctions.
• It’s quick; the entire process should be complete within 28 days of the auction It’s transparent, so you won't have to worry about being gazumped, things falling through because of an issue further down the chain or a seller pulling out - and you won’t have to take an estate agent's word on the other bids.
• You must have money ready to pay the deposit on the day and the remaining amount within the allotted time.

To find out more about your mortgage options please get in touch.

Your home may be repossessed if you do not keep up repayments on your mortgage.

OW1287