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citizenB

Serious Fraud Office warns of £120m pension con

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http://cag.tw/22e4

 

(link from original article contains banned word)

 

Retirees have been persuaded to switch all their cash into schemes involving self-storage facilities and there are fears they may have lost huge sums

 

Fears are growing that large numbers of people may have lost huge sums of money after investing their retirement pots in – of all things – self-storage units. The Serious Fraud Office this week launched an investigation into storage unit investment schemes, and revealed that more than £120m has been poured into them. But could that just be the tip of the iceberg?

 

One man was persuaded to transfer almost £370,000 out of his workplace pension and put it all into one such scheme supposedly offering an 8%-12% return. The Pensions Ombudsman, which looked at his case, said the “blameless” man had switched out of the “secure and generous” NHS pension scheme and may have lost all his money as a result. Others were lured in with claims that they could more than double their money in just six years.

 


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I can never make my mind up whether people go for schemes like this because they are greedy or just plain stupid.

If this was the answer the pension companies would own all of the self storage sites in the country already.

When someone cold calls you it is ALWAYS in their interests, not yours.

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