It all started with a text message from an unknown number. ‘Do you have old frozen pensions? Would you like to transfer them into a high-return investment and receive an immediate cash gift?’ I re-read it multiple times, feeling a sense of relief amidst the chaos of my life. My mother had just been diagnosed with terminal heart failure, my father had Alzheimer’s, and I was juggling a full-time nursing job with raising three teenagers. The offer seemed like a lifeline, promising an immediate cash bonus and the potential to transform my retirement. Looking back, I realize I should have been more cautious. I was desperate for financial relief and blinded by the promise of a quick solution.
I contacted the ‘company’ mentioned in the text and spoke to someone named ‘Tony’. He seemed genuine and knowledgeable, assuring me that my existing pensions weren’t working for me and that I could get a better return by transferring my funds. Overwhelmed by the circumstances and his convincing demeanor, I decided to trust him.
In February 2013, I transferred money from one of my workplace pensions into the scheme. Within a week, I received a cheque for 10% of the initial transfer, giving me a much-needed financial cushion. This reinforced my belief that I was dealing with a reputable company. Driven by desperation and a sense of false security, I then transferred a second pension pot.
Sadly, my mother passed away a few weeks later, and the stress of caring for my father and children, while dealing with her funeral, consumed me. I almost completely forgot about the investment scheme.
Over a year later, I received a letter from The Pensions Regulator, informing me they had appointed trustees to take over my pension scheme. The investigation revealed a shocking truth – the company I invested in didn’t exist. I had been a victim of a pension liberation scam, and my £45,000 was gone.
I was devastated. I felt foolish for trusting these criminals, who had stolen my future and my hope. The most difficult part was explaining what happened to my children, who were worried about my future retirement. I had to admit that I would have to work until I was physically unable to do so.
The scammers, Alan Barratt and Susan Dalton, were eventually convicted of fraud and jailed in 2022. They had stolen over £13 million from 245 other pensioners across the country.
I am receiving compensation through the pension scheme, but the amount and timing are uncertain. While this provides some solace, it cannot erase the financial and emotional damage I have endured.
This experience has taught me a valuable lesson: never trust unsolicited messages offering high returns on pension transfers. Always do thorough research and consult with a financial advisor before making any significant financial decisions. Taking five minutes to think things through can save your future.
