Release pension cash

Davidbluee222

Latest correspondence from advisor


Dear Client,
We hope this email finds you well?
We recently sent you the necessary documents needed to assist you with your pension transfer and your 20% cash incentive, we just wanted to take this opportunity to ensure that you have received them? And to ask if you require any help with the completion?
As previously mentioned the process can take between 3 & 8 weeks, therefore you’re urgent attention would be greatly appreciated.
If you have decided not to proceed, or wish to discuss the process then please do not hesitate to contact us on
Kind regards
On behalf of


THE 20% CASH INCENTIVE IS PAID BY THE INVESTMENT PROVIDER!!! NOT BY THE SIPP PROVIDER!!! THEY WILL HAVE ANY INFORMATION ABOUT THIS SO PLEASE DO NOT ASK.

dunstonh

THE 20% CASH INCENTIVE IS PAID BY THE INVESTMENT PROVIDER!!! NOT BY THE SIPP PROVIDER!!! THEY WILL HAVE ANY INFORMATION ABOUT THIS SO PLEASE DO NOT ASK.

Regulated investments are not allowed to make any such inducements. This is usually an indication of it being a scam as they use your money to pay you an inducement but it would be an unauthorised payment in HMRC eyes and see you subject to a 55% tax charge when they find out. Many of the scams that do this end up eroding your pot to zero by taking out massive fees.

Davidbluee222

Thanks for that. Looks like we caught it early enough to not fall foul of the scam.
Thanks all for the help.

atush

You will of course need to invest the money currently in the HL SIPP into investments from the range they have there. And may need actual advice on this?

Were any of the pensions (yours and your wife's) DB pensions ie final salary? If your wife's is still in situ where it is, then perhaps it sould be left there?

Davidbluee222

Six calls and this mail today. All of the numbers seem to check out (I have left them out at the moment) all of the companies mentioned also seem legitimate.

Call Hargreaves and ask to speak to a broker, tell them that you have located some shares that you wish to purchase via another broker. The share are in a company called Vela Technologies PLC and are priced at 1p, the broker is a lady called ******** at Templeton Securities and her number is *********. They must be purchased from *******, and on a T1 basis.


I have checked the Vela performance and this seems to be legitimate too.

Davidbluee222

atush wrote: »

You will of course need to invest the money currently in the HL SIPP into investments from the range they have there. And may need actual advice on this?

Were any of the pensions (yours and your wife's) DB pensions ie final salary? If your wife's is still in situ where it is, then perhaps it sould be left there?

No my wifes pension was a final salary and we blocked that move. We have only moved one of the pensions and that is my old one that has not been paid into for 12 years as the company changed schemes a number of times.

I will need advice on the SIPP investments, but I just want to get this issue with the release cleared first.

jem16

Davidbluee222 wrote: »

Six calls and this mail today. All of the numbers seem to check out (I have left them out at the moment) all of the companies mentioned also seem legitimate.

Call Hargreaves and ask to speak to a broker, tell them that you have located some shares that you wish to purchase via another broker. The share are in a company called Vela Technologies PLC and are priced at 1p, the broker is a lady called ******** at Templeton Securities and her number is *********. They must be purchased from *******, and on a T1 basis.


I have checked the Vela performance and this seems to be legitimate too.

You're not seriously considering this are you?

Davidbluee222

Not a chance

Triumph13

Davidbluee222 wrote: »

THE 20% CASH INCENTIVE IS PAID BY THE INVESTMENT PROVIDER!!! NOT BY THE SIPP PROVIDER!!! THEY WILL HAVE ANY INFORMATION ABOUT THIS SO PLEASE DO NOT ASK.

Translation:
"Please don't mention this to the SIPP provider as they will instantly know that it's a scam and might warn you"

That is one seriously close shave you have had. Let us know when your heart rate drops back below 120.

srcandas

So how do we get these people closed down?