Scammed out of your pension: When victims realise they’ve been scammed, there is a sense of being trapped in a living nightmare. Some people find out they have been scammed when they are notified by an independent trustee (such as Dalriada), or the Insolvency Service, or by HMRC. Some victims work it out for themselves – such as a Police officer who was scammed out of his Police pension in 2014:
“When I realised my valuable final salary scheme had been transferred to a bogus occupational scheme invested in worthless assets, my world came tumbling down. The promises and assurances of healthy gains had all been dishonest tactics to con me out of a pension which should never have been transferred in the first place.”
The problems faced by victims of pension scams may go on for years – such as in the case of Ark. Victims face uncertainty, fear and a whole raft of long-term financial challenges. The biggest challenge of all is knowing what to do to take action to try to recover the lost pension – and how much it will cost. Many people can’t afford solicitors’ fees and don’t know what their options are.
Pension Life has seen many cases of victims who have spent money they couldn’t afford on legal and accounting fees but still made no progress towards recovering their losses. This is why the Class Action was set up, so victims could get affordable advice and help.