after having legitimate requests turned down by big firms

  • Money Mail probe showed how savers are being denied access to pensions
  • Now they're risking life savings by seeking help from unscrupulous firms
  • Companies promise to unlock pensions cash but often charge huge fees
  • Over £1billion will be lost to pension scams by end of year, say experts


Savers have been forced to turn to conmen as pension firms reject legitimate requests to cash in nest eggs, experts warn. A Money Mail investigation last week uncovered how savers have been denied access to their pensions with long delays or firms insisting on giving unnecessary advice. Now they appear to be inadvertently putting their life savings at risk, turning in desperation to the unscrupulous companies that have sprung up to exploit pension freedoms. Firms promise to unlock cash from pensions but often charge huge fees – as much as 20 per cent of the fund – and can bet the money in high-risk investments. There will be more than £1billion lost to pension scams by the end of this year, reaching £3billion by 2018, pensions firm JLT Employee Benefits found. Tom McPhail, head of pensions research at investment company Hargreaves Lansdown, said: ‘It’s important pension companies sort out giving customers access to their money......Read more here