The Unbelievable £4 billion Cost of Pension Scams

Unbelievable £4billion cost of pension scams

Each year British savers lose at least £4 billion a year from pension scams and without a doubt this will soon be a huge financial scandal. When pension rules changed in 2015, it led the way to thousands of people transferring out of final salary pension schemes.

In the last year alone over 100,000 people transferred their final salary pension, losing substantial guarantees and death benefits, causing them to be significantly worse off financially.

Mr H moved his Army pension of £34,000 and invested in truffle-tree farms, after being contacted by cold call, promising excellent returns. Unfortunately, the investment has not provided Mr H with any financial returns and there is no demand to sell the truffle trees.

Mr B also, unfortunately, fell for a scam by transferring his £380,000 final salary pension with an airline and he is now being chased by HMRC.

Back in 2014, the value of pension transfers was £5.4 billion, which has increased to £33 billion in 2018.

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