The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today (31 October) launched an industry wide petition to secure support for change in the way HMRC treats Pension and Investment Fraud victims.
Margaret Snowdon, chair of PSIG said; “For years, we have worked closely with victims of Pensions Liberation schemes—individuals misled into transferring their hard-earned savings into fraudulent schemes. These scams, shockingly set up and registered with HMRC, reveal a significant failure in oversight and protection.
“If losing their savings, and the associated trauma, wasn’t bad enough these victims have been subject to tax charges of 55% spanning over a decade. This is a gross injustice, and it is crucial that our tax policies and legislation change to better reflect the current realities of pension fraud, and its impact.”
Snowdon continued: “This has been a long fight for PSIG, and we pursue it relentlessly for the victims of this terrible crime. It’s a profound disappointment that we find ourselves in a position where a petition is even necessary to redress this injustice – but here we are.
“We are now asking our industry friends to please join us in asking for change by signing and sharing this petition to raise awareness, advocate for stronger protection and put right the injustice suffered by historic victims of pensions and investment scams.
“If we can reach 10,000 signatures it will force a debate at Westminster and a chance of change. Fraud has a devastating, often irreversible, impact on not only individuals but their whole families, they deserve our support.”
A copy of the petition can be found here.
