Did You Invest in Car Parks?
Thousands of British savers have been conned out of millions of pounds in a wave of airport parking spaces investment scams designed to part them with their valuable pension pots. Investors are often contacted by cold call and offered a free pension review to move their safe pension into a Self Invested Personal Pension (SIPP) and to invest in parking spaces at £25,000 a time at various airports around the UK.
High rental returns of 8% per year were offered, which seemed like a sound investment with the option of a guaranteed buyback option, however, many investors have since discovered they are now stuck with a worthless investment. Investors parking spaces are often not rented out, resulting in little or no rent coming into their SIPP bank account, while still paying huge SIPP administration fees. Some of the more common SIPP providers that accepted the airport parking space investments were Rowanmoor and Berkeley Burke. However, it should be noted that some of these investments were made into Small Self-Administered Pension Schemes (SSAS), which were often done on an execution only basis with no Financial Advisor.
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