"Many Photos" - Finance investigators warn savers to beware of pension transfer schemes

Savers have been warned to avoid 'too good to be true' pension transfer schemes after a number of victims have been left with huge losses.

Investigators found numerous off-shore firms have persuaded workers to use pension money to invest in dubious or high-risk ventures.

It is estimated that such schemes, many operating illegally, are costing British savers up to £4billion a year, the Times reported. 

Investigators found numerous off-shore firms have persuaded workers to use pension money to invest in dubious or high-risk ventures (stock)

It is estimated that such schemes, many operating illegally, are costing British savers up to £4billion a year

They are on the rise as since 2015 savers have been able to access a quarter of their pension pots tax-free from the age of 55.

The Financial Conduct Authority said tackling the scams was a key priority.

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https://textbacklinkexchanges.com/finance-investigators-warn-savers-to-beware-of-pension-transfer-schemes/
News Photo Finance investigators warn savers to beware of pension transfer schemes
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