Conned out of pension

Brynsam

Tricia58 wrote: »

March 2015

That makes sense - it was just before the requirement to get financial advice from a suitably qualified and regulated person came into force the transferring out of a defined benefit (final salary) scheme. You were 56, so it was 'legitimate' for you to access the funds. I suspect that the papers you signed meant that your funds were transferred from a final salary scheme to some sort of personal pension arrangement.

You received part of the payout and your 'friend' (never was a term more ill advised than appears to be the case here) made a handsome profit - BUT there would also have been a tax charge given the amount of cash you received seems to be more than 25% of the fund value. Hopefully your chum ensured that was paid.

Can you do anything? Sadly that is unlikely, since no laws appear to have been broken and you say you signed all the papers.

[Deleted User]

Don’t know what a CETV Is. Looking back on bank statement appears to have been transferred from a bank but no official company name and don’t know where pension actually went. Just annoyed that when I asked for pension after reaching age 55 was refused by employer and this friend has used this and circumstances at time. Probably could have retired now

xylophone

BUT there would also have been a tax charge given the amount of cash you received seems to be more than 25% of the fund value.

How do you work this out from what the OP has said?

xylophone

Don!!!8217;t know what a CETV Is. Looking back on bank statement appears to have been transferred from a bank but no official company name and don!!!8217;t know where pension actually went. Just annoyed that when I asked for pension after reaching age 55 was refused by employer and this friend has used this and circumstances at time. Probably could have retired now

You had a deferred Defined Benefit pension.

The Normal Scheme Retirement Age was 60? 65?

The Scheme Administrator refused a request to bring the pension into payment before NSRA, even on an actuarially reduced basis?

Your friend ( was he some kind of Financial Adviser?) suggested that you should explore a transfer out.

The friend (FA?) acting on your authority arranged to obtain a Cash Equivalent Transfer Value and for the transfer to another pension arrangement (what kind of pension arrangement?) and took a huge fee?



What do the papers you have actually show?

Have you obtained a new state pension statement?

https://www.gov.uk/check-state-pension

[Deleted User]

Just found papers, apparently I signed for a ‘bridging loan’ from a drilling company but that not name on bank statement, just a bank address in area where I lived at time

Malthusian

Tricia58 wrote: »

Just found papers, apparently I signed for a ‘bridging loan’ from a drilling company but that not name on bank statement, just a bank address in area where I lived at time

This sounds very much like pension liberation fraud. Do the examples in this leaflet sound familiar?

Was your friend or the company he worked for registered with the FCA and authorised to provide financial advice? Or any other company who arranged this for you? The best chance of getting anything back is if the answer is "yes".

You should be aware that you may face a tax bill from HMRC for arranging an unauthorised payment from your pension fund.

Silvertabby

Tricia58 wrote: »

Just found papers, apparently I signed for a !!!8216;bridging loan!!!8217; from a drilling company but that not name on bank statement, just a bank address in area where I lived at time

Malthusian beat me to it.

'Bridging Loan' in relation to pensions does sound like a scam. I would suggest that you gather up all of your paperwork and ask the CAB if they can offer any advice.

worried_jim

Tricia58 wrote: »

Don’t know what a CETV Is.

Google is your friend- A cash equivalent transfer value (CETV) is the cash value placed on your pension benefits. This is the amount that is available to transfer to an alternative plan in exchange for giving up your rights under the scheme.

AnotherJoe

Is there an issue here in that if the OP complains, unless whoever they did this thing with is still around to be claimed against*, this might alert HMRC and they'll want their tax back?

*And odds are, considering it was as close to a scam as you can get, they arent?

dunstonh

There is quite a lag between HMRC finding out and going over the to person for the tax bill. HMRC do tend to find out sooner or later whether the individual does anything or not. That is why so many that are scammed got a hit a further whammy years later.