Hawthorn Life

Daily Fund Prices

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Pension Liberation Fraud

Hawthorn advises all of its Pension holders to be aware of pension liberation fraud.

To liberate your pension sounds to many people like a good thing but, in the pensions world, pension liberation is normally linked to fraud and accessing your pension benefits before the age of 55. Although rare, it is possible (such as in the case of terminal illness) to access funds before age 55 from a current pension scheme.

If you are a victim of pension liberation fraud, in addition to a high tax charge you will also have fees deducted from your pension for the transfer. These fees are unlikely to be recovered and can be 20% or more of your pension savings.

Things to look out for are:

Being approached out of the blue over the phone or via text message.
Pushy advisers, often unregulated, who claim to be able to help you access your pension before age 55.
Companies that offer a 'loan', 'saving advance' or 'cashback' from your pension.
Any reference to 'loopholes', overseas investments, creative or new investment techniques.
If it sounds too good to be true, then it normally is!

More information for members of pension schemes looking to understand the consequences of these offers can be viewed on https://www.thepensionsregulator. gov.uk/pension-scams.

Be alert to offers like this and if in any doubt take advice from a regulated financial adviser. If you think you may have been made an offer report this to Action Fraud, the UK's national fraud and internet crime reporting centre. They can be contacted on https://www.actionfraud.police.uk/ or by telephone on 0300 123 2040.

HLD Investment Proposition Update – Quarter 3 2023

Hawthorn Life continually reviews its fund offering to ensure it remains fit for purpose. Following our latest review we have decided to close the HLL Ninety One UK Alpha fund. We have worked with Morningstar Investment Management to find an appropriate replacement for this fund, details of which are below:

Closing Fund		Replacement Fund (New)
HLL Ninety One UK Alpha	transferring to	HLL Liontrust UK Growth

We will be writing to clients invested in the closing fund to outline the options available to them. We will also be writing to Financial Advisers that have clients invested in the closing fund.

The HLL Ninety One UK Alpha fund will close on 14th July 2023 and the new fund, HLL Liontrust UK Growth, will be available for self-selection on the 17th July 2023.

BREXIT UPDATE

Post 31/12/2020, Hawthorn Life is not proposing to make any changes to how we service your policy. We intend to continue to honour our obligations and commitments to clients.

Hawthorn Life DAC is an Irish insurance company incorporated in Dublin, Ireland. We are committed to ensuring that we are able to administer our policies and paying regular income and claims in line with the new UK/EU relationship and the emerging UK regulatory environment. You can be assured that we are a strong, secure organisation and that we have our customers’ best interests at heart.

We are not proposing to make any changes to how we service your policy as a consequence of Brexit. We will continue to be authorised and regulated by the Central Bank of Ireland and by both the UK Financial Conduct Authority and Prudential Regulation Authority. In practical terms, we are not planning any changes to our processes or to the customer services which we provide to you. Hawthorn Life will continue to administer your policy, make regular income payments and pay all valid claims. Your policy will continue to be governed by English law.

We would like to take this opportunity to reassure you that our focus on servicing your policy and paying claims will not change post 31/12/2020. You will still be able to exercise the options on your policy in line with your Terms and Conditions and we will continue to administer it as we do now.

Financial Advice

Before you make any decisions, we would strongly recommend you speak to your financial adviser. If you do not have a financial adviser, whilst seeing a financial adviser might have an upfront cost, it could help you avoid making small mistakes that could catch up with you in the long run. Moneyhelper can assist you in describing how financial advice works, the types of advisers you can speak to and when it is appropriate to use a financial adviser. This information is viewable here: www.moneyhelper.org.uk/en/getting-help-and-advice/financial-advisers

Please note that obtaining advice or seeking guidance is a key part of protecting yourself and your family when making any important financial decision.

Pension Wise. Your Money. Your Choice

We encourage you to take advantage of Pension Wise, a government service from MoneyHelper that offers free, impartial guidance about your defined contribution pension options.

An appointment with Pension Wise is free and will help you understand what your overall financial situation will be when you retire. The service will talk you through your options to help you make the right decision. You will also find out about the other factors you need to consider when deciding on your options before retirement.

To book a free appointment call 0800 138 3944 or visit Book a free Pension appointment (moneyhelper.org.uk)

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