I noticed this piece in the Mail on Sunday and found it to be very disturbing.
The Insolvency Service, which is a part of the Department for Business, has shut down some 24 companies guilty of pension abuse since 2015, according to this Mail on Sunday piece. Around 3,750 victims have been affected, including both individuals and businesses, with losses amounting to more than £200m. Eight company directors have been disqualified for a combined 57 years as a result of the victims’ losses, the article adds.
“There is no room for complacency,” warns Aviva head of savings and retirement Alistair McQueen. “We may spend 40 years saving, so we should spend more than 40 minutes considering our options at retirement.”
Consumer minister Kelly Tolhurst adds: “If you are approached to make an investment from your pension, always do your homework and seek independent advice. If you think you are a victim, report it to Action Fraud or visit the Scam-Smart website for further help.”
Please, if you know someone who is considering taking their pension without taking proper Independent Financial advice, try and persuade them to take advice from a Financial Adviser who is regulated by the Financial Conduct Authority and who authenticity can be verified.