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Pension scam victims lose an average £91,000 each - MSE News

2

Comments

  • marlot wrote: »
    Not this one again!

    Lol! Yeah - watch out for pension scammers they might rob you of £91,000 but your own government can “legally” deprive you of £45,000? :rotfl:
  • blue_eyes
    blue_eyes Posts: 289 Forumite
    Part of the Furniture 100 Posts
    the BBC reporter who penned yesterday's article and discussed it on air had this update this morning:
    Perhaps wasn't the smartest con-artist who then cold-called me on my way home offering "info" on my pension
  • le_loup
    le_loup Posts: 4,047 Forumite
    treaclebob wrote: »
    Lol! Yeah - watch out for pension scammers they might rob you of £91,000 but your own government can “legally” deprive you of £45,000? :rotfl:

    Please people, don't rise to it.
  • brewerdave
    brewerdave Posts: 8,594 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    The MOST depressing part of the "story" shown by the Beeb ,was the woman complaining that she wasn't being compensated for her greed - by whom one asks? Presumably the jolly old taxpayer again:(
  • Malthusian
    Malthusian Posts: 11,053 Forumite
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    brewerdave wrote: »
    The MOST depressing part of the "story" shown by the Beeb ,was the woman complaining that she wasn't being compensated for her greed - by whom one asks? Presumably the jolly old taxpayer again:(

    Close - if she was compensated (as she isn't, presumably an FCA-regulated adviser wasn't involved) it would be by all users of financial services via the Financial Compensation Scheme Levy.

    The same people who would bail you out if you greedily invested in a deposit account from a bank like Northern Rock, or greedily invested in diversified mainstream funds via a reputable and MSE-recommended stockbroker like Beaufort Securities.
    A new poll commissioned by the regulators reveals that a shocking 32% of pension holders in this age group would not know how to check whether they are speaking with a legitimate pensions adviser or provider.
    And an even more shocking 68% think they know when they don't, which is far more dangerous. There are numerous scammers on the FCA register.

    Silly statistics about a real problem.
  • With Waspi I think that anyone who is in genuine hardship should be helped with a transitional arrangement. If they have a family income of under a certain figure and savings of less than a certain amount then there should be some support there.

    The Waspi women who are financially very comfortable and just want some extra cash - nope.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dunstonh wrote: »
    Only the champagne-swilling WASPI nimbies think that rubbish and surely you are not one of those awful people?

    Only on planet WASPI can you think that 25 years notice of a phased increase from 60 to 65 equates to short notice.

    I must have missed my FT that day in 1995 ....:D
  • Silvertabby
    Silvertabby Posts: 9,489 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    With Waspi I think that anyone who is in genuine hardship should be helped with a transitional arrangement. If they have a family income of under a certain figure and savings of less than a certain amount then there should be some support there.

    The Waspi women who are financially very comfortable and just want some extra cash - nope.


    That (means tested) support already exists for both men and women. The Graspies don't want special transitional arrangements for 1950s women because the champagne swilling leaders wouldn't qualify.
  • dunstonh
    dunstonh Posts: 118,025 Forumite
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    treaclebob wrote: »
    I must have missed my FT that day in 1995 ....:D

    And the tv coverage at the time. It was on the news frequently because of the court ruling requiring equalisation. There were also pension adverts, the pension statements, leaflets in banks etc. We had little cards on the counter to give to every woman to show them the scale changes. It had a lot of coverage. Problem is that many of the women affected were in their 30s and early 40s at the time retirement wasnt exactly high on their list of priorities.

    If WASPI had't been greedy and focused on the 2011 changes then they would have had a lot more support. The 1993 charges though have no sympathy.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh
    dunstonh Posts: 118,025 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    brewerdave wrote: »
    The MOST depressing part of the "story" shown by the Beeb ,was the woman complaining that she wasn't being compensated for her greed - by whom one asks? Presumably the jolly old taxpayer again:(

    The FCA levies invoice is due today or tomorrow (historically arrives around this time). The biggest cost is the FSCS levy. So, I may be feeling a bit more sore about over the next few days. When I am level headed about it though, the compensation scheme has its place. Its just that it is the good companies funding the bad who are then allowed to Phoenix up again and again
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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