Case study 2:
A man who had given up work to care for his seriously ill partner and their three children had almost £50,000 taken from his pension pot by the scammers.
Colin (not his real name), from South Wales, had become the full-time carer for his partner when he was approached via text message.
He was offered up to 10% of his pension as a cash lump sum which the agent promised would not come out of Colin’s fund. Instead he was told his pot would be invested in the construction of holiday complexes in St Lucia with good returns. He was tempted by the opportunity to spend some money on his children, redecorate their home and potentially go on holiday with the lump sum.
After hearing about pension scams in 2014, Colin tried to approach the scammers but could not get in touch with them. Dalriada, the Independent Trustee appointed by TPR, later broke the news to him that he had fallen victim to a scam.
Colin, 48, said: “I should have known that it was too good to be true. I should have sought advice and asked more questions, but I didn’t.
“I had contributed towards my £50,000 pension pot, for which I had worked really hard, and now that has been taken from me.
“The loss of my pension will have a massive impact on my life. When my children finish school I will be around retirement age. There will be no money to draw down when I turn 55 and no pension savings for later life.
“I was greedy. I feel stupid for throwing away my financial future for £4,200.”
