Optimus Retirement Benefit Scheme No. 1

MEM62

Was having a beer and a catch up with my best mate, who has not always made the wisest of financial decisions and the topic turned to pensions. He mentioned that he had become frustrated with the poor returns on his pension pot and was persuaded to transfer his pension savings (circa £80k) to the above scheme. Whilst he was waxing lyrical about the returns he had been promised by investing in some hotel in Cayman Islands or something similar, I held my head in my hands. The scheme is run by Integrated-Capabilities (Malta) Ltd.

Unfortunately for him, he is absolutely the type that would be prone to being scammed.

What reading I have done suggests that his situation is not good and the prospects of recovering any of his money are slim. Has anyone out there had any direct experience with this scheme or can offer any advice as to where we might go from here to try and get something back for him?

Linton

Is this it?


https://www.thepensionsregulator.gov.uk/en/media-hub/press-releases/trustee-suspended-after-police-investigation-launched-into-pension-fraud. Perhaps The Pensions Regulator could provide further information.

JoeCrystal

We had a thread about this last week. Worth a read through.

https://forums.moneysavingexpert.com/discussion/5979832/mis-sold-pension-help

MEM62

Linton wrote: »

Is this it?

https://www.thepensionsregulator.gov.uk/en/media-hub/press-releases/trustee-suspended-after-police-investigation-launched-into-pension-fraud. Perhaps The Pensions Regulator could provide further information.

Looks like it :-(

JoeCrystal wrote: »

We had a thread about this last week. Worth a read through.

https://forums.moneysavingexpert.com/discussion/5979832/mis-sold-pension-help

Ain't looking good, is it?

MEM62

My friend has now been approached by Claiming4u who have offered to assist will a miss-selling complaint. I am sceptical - cannot see much about them on the web. He has a meeting tomorrow. I have advised him to sign nothing and make sure he has full transparency on cost. Frankly, I am worried that he is throwing good money after bad here.

Pension_Geek

Did your friend receive any cash incentive for this transfer.

I'd avoid any claims company like the plague if it were me.

MEM62

Pension_Geek wrote: »

Did your friend receive any cash incentive for this transfer.

I'd avoid any claims company like the plague if it were me.

I'm not sure about the cash incentive.

I'm trying to persuade him to avoid these guys but he is headstrong and, obviously, desperate to recover his pension funds. He needs help with his pension situation and is clutching at straws. I need to find someone more appropriate for him to talk to before he makes even more costly mistakes.

Pension_Geek

MEM62 wrote: »

I'm not sure about the cash incentive.

I'm trying to persuade him to avoid these guys but he is headstrong and, obviously, desperate to recover his pension funds. He needs help with his pension situation and is clutching at straws. I need to find someone more appropriate for him to talk to before he makes even more costly mistakes.

What age is he?

https://www.pensionsadvisoryservice.org.uk/pension-problems/making-a-complaint/common-concerns/pension-scams

MEM62

Pension_Geek wrote: »

What age is he?

https://www.pensionsadvisoryservice.org.uk/pension-problems/making-a-complaint/common-concerns/pension-scams

No cash incentive paid.


He is 53 and has no other pension provision.

ajbell

MEM62 wrote: »

No cash incentive paid.


He is 53 and has no other pension provision.

That's pretty grim, I really hope he can get some of his money back but is that possible?

Alexland

MEM62 wrote: »

I'm trying to persuade him to avoid these guys but he is headstrong and, obviously, desperate to recover his pension funds. He needs help with his pension situation and is clutching at straws. I need to find someone more appropriate for him to talk to before he makes even more costly mistakes.

Fraud recovery firms are often fraudulent themselves

https://www.actionfraud.police.uk/a-z-of-fraud/fraud-recovery-fraud