Pension scam or not??

[*RainbowTears*]

Hi,

 

My husband has a pension that came to light earlier this year. Luckily his parents kept all the letters etc for him & gave it to him after he made contact, hence why it's just come up.

 

Anyways going by the paperwork it says he has approx :£20.000 & its been frozen for over 18years. So he has been looking at ways to do something with it. (he's nearly 51) But unknown to me he got into contact with a introducer who looked into the pension then sent him paperwork about what they can do to help him. Apparently they put the pension into their company & invest it or something & that he will be able to get an £ amount at 55 & then he could reinvest the rest for 10 years before cashing it in. (there's very little paperwork explaining what they do etc)

 

For investing his pension they will charge him a special introductory offer off £1000 (which they take from the pension itself) & then a yearly charge (again special price) of around £300, I think this isn't charged until year 3 or something. Now as the paperwork only came through on Friday, this is the first I've heard off it & when I read the accompanying documents it didn't sit right with me. There's also a permission letter enclosed for him to sign to agree to this.

 

I've looked up the Company & there's very little info on them as it appears Company registered around 2011. I also found a forum where a poster asked about this company & the advice given was basically to avoid as it was a [problem]. Now my husband signed the forms BUT I wouldn't let him post it back as I'm concerned that if it is a [problem] he will end up loosing his frozen pension altogether. He isn't too happy with me doing this but I think he's doing the wrong thing.

 

So any advice would be appreciated please.

[silverfox1961]

This is fraud. Look here

 

http://www.dailymail.co.uk/news/article-2322100/Police-launch-crackdown-pension-scams-fleeced-pensioners-400MIILION-Britains-fastest-growing-fraud.html

[BRIGADIER2JCS]

Not my area of expertise but what amounts to a hefty 1.9K over 4 years, and what happens after the 'special price' expires.

 

Personally I would be looking to local independent advice this does not sound right to me.

[*RainbowTears*]

Many thanks for your replies so far.

 

The whole thing stinks to me, but hubby is convinced by the company that they will reinvest his pension. (phone calls done without my knowledge so no idea what they promised him exactly) But the paperwork is lacking any real definition of what they will do etc. The fees they charge are actually taken from the pension pot itself, so potentially he could end up loosing a big chunk in fees etc for the 14 years he's on about investing in. I personally feel it's a con & am so thankful I stopped him posting permission letter back.

 

Now I just want to clarify for myself, that until they actually get his signed permission form back they can't do anything with his pension money? As he had to give permission for them to track it down originally & I'm worried now they will plunder it & he ends up with nothing.

[silverfox1961]

I would do a thorough check to make sure they are licenced with the FSA to start with as then any 'losses' would be covered.

 

Name the company and I will do a few checks.

[Conniff]

Can we have the name of this introducer please ?

[silverfox1961]

If this doesn't change his mind, nothing will

 

http://www.thepensionsregulator.gov.uk/individuals/dangers-of-early-pension-release.aspx

[honeybee13]

Hello there. I agree about being cautious.

 

Here's a link to a recent thread here about pension liberation.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?385854-Commission-for-moving-a-pension&highlight=pension+release

 

My best, HB

[*RainbowTears*]

Thanks again for your replies & the links, it seems I was right to be cautious!

 

The Company is called Quantum Global Introducers Ltd, with an address for an office building in Manchester.

 

I've now hid the signed permission letter so it can't be sent. I've also checked all the paperwork (1 sheet with special offer fees & authorisation slip) there's no written outline of where the monies go to or what exactly the return is!! My husband is now listening to me about my fears regarding his pension & this Company.

 

Oh lastly I had another read of the fees letter & then at the bottom it does say they needed the authorisation slip sent back for them to be able to transfer the money. So I'm relieved that they can't access it at all.

 

Thanks again

[san_d]

Let's not forget that the biggest sc@m to UK pensioners has been perpetrated by the Bank of England with their Quantitative Easing, artificially low interest rates, financial repression and debasement of the Pound.

 

In comparison the above mentioned fraudsters are amateurs.

[Conniff]

Business Overview

 

Quantum Global Introducers Limited is an Active business incorporated in Scotland on 31st January 2012. Their business activity is recorded as Other Activities Auxiliary To Insurance And Pension Funding. Quantum Global Introducers Limited is run by 2 current members. 2 shareholders own the total shares within the company. It is not part of a group.

 

The latest Annual Accounts submitted to Companies House for the year up to 31/08/2012 reported 'cash at bank' of £45,903, 'liabilities' worth £136,481, 'net worth' of £-25,276 and 'assets' worth £111,205. Quantum Global Introducers Limited's risk score was amended on 13/06/2013

 

Those figures wouldn't entice me to give them money.

[silverfox1961]

If what they are doing is construed as financial advice, why is there this disclaimer

 

 

In accordance with the Financial Services and Markets Act 2000, Quantum Global Introducers Ltd does not provide any financial or investment advice. Quantum Global Introducers Ltd does not handle any deposits and does not handle any client funds.

[BRIGADIER2JCS]

They claim to ''act as an introducer only' many of these firms introduce to a another member company in the same group.

[honeybee13]

They claim to ''act as an introducer only' many of these firms introduce to a another member company in the same group.

 

Indeed, Brig. The concern on the previous thread linked above was that often the other member company is not regulated in the UK and therefore has far less investor protection.

 

HB

[BRIGADIER2JCS]

Indeed, Brig. The concern on the previous thread linked above was that often the other member company is not regulated in the UK and therefore has far less investor protection.

 

HB

Indeed so, there is discussion at present about the closing of this loophole, together with the suggestion that all companies in ''financial'' industry field should be individually licenced by the relevant regulators.##

This would certainly prevent situations like this occurring HB.

[ericsbrother]

he will lose all of his money with this type of "investment", you are "borrowing" the cash given to you on the back of an inverstment in some overseas company that is not subject to UK protection but will be taxable at 50-200% as these schemes are deemed by HMRC to be fraudulent. When you are clobbered for the tax you will still have to repay the money borrowed to fund the cash yoou have taken.

Point him in the direction of the advice here or linked to here and give him grief if he refuses to see reason. He could end up losing £40k!!

[BRIGADIER2JCS]

Sit him down and let him read the thread. SIR DO NOT GO DOWN THIS ROUTE!!

[*RainbowTears*]

Many many thanks for all your replies.

 

So if I'm too understand this correctly, this Quantum Global Introducers are NOT financial advisers, investors or anything like they suggested to my husband? So in fact for a special offer fee off £1200 (Inc VAT) they do what exactly?

 

On the letter, it states this figure for moving the pension pot over to themselves & that for a yearly fee of £300 charged from year 3 to manage said pension. But there's no mention or guideline to what they do with the £20.000 or what the expected return is to be.

 

I'm just so grateful that I stopped my husband from posting authorisation letter, it sure sounds like the little fallout we had over this was worthwhile, as he's still got his pension. I think he was so taken in by what the salesperson said to him on the phone that at the time he believed them over myself. He sure is listening to me now!!! Lol

 

Many thanks again for helping me make him see sense.

[BRIGADIER2JCS]

Their sole purpose is to line their own pockets!!

[ericsbrother]

They are acting unlawfully so it is fair to call them cr ooks. Glad that you talked him out of it.