We hear a lot about pension scams, and actually about scams in general, these days. But rarely do we get the satisfaction of seeing the culprits suitably punished for their crimes, generally because they are too adept at hiding themselves and cannot be traced.
However, The Pensions Regulator (TPR) recently secured a ruling that means four scammers have to repay £13.7 million to pension scheme members who were involved in a scam through Friendly Pensions Ltd. An independent trustee has been appointed by TPR to seek the confiscation of the scammers’ assets to distribute for the benefit of their victims.
Now, who knows whether they will be successful, but hopefully this first ruling that forces the scammers to repay the money they have stolen from innocent people by accessing their personal assets will be the start of more to come.
The victims of the scam were lured in over a two-year period through the use of cold calling and similar techniques in an attempt to get them to agree to transfer their pensions to one of eleven scam schemes.
Please remember to always be vigilant when receiving calls/emails/texts from unfamiliar people about your pensions and savings. You may think it will never happen to you but the scammers are getting bigger and better at what they do.