The Serious Fraud Office (SFO) is to investigate a series of pension liberation scams, in which investors have lost at least £120m.

Since 2011 it's thought that more than 1,000 people moved their pension savings into schemes such as Capita Oak and Henley Retirement. They were typically told their money would be used to buy storage pods. The investors were promised returns of 8% in the first two years, with up to 12% in subsequent years. Both firms have since been wound up. The SFO is also investigating the Westminster Pension Scheme and the Trafalgar Multi Asset Fund. Investors to these schemes were told their money was being put into a variety of other assets, including property loans, as well as investments in Mauritius and Florida. Many individuals were persuaded by cold-callers to withdraw savings from final-salary schemes, where their money would have been safe, and their returns more generous.

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