We all work to live life to the fullest and not live life to work. Having a pension ensures we are well looked after once we retire.
You would think moving your personal pension plan to a Pensions scheme would be great.
The idea of accumulating more money and faster than the average pension plan sounds great, you get more money and can even retire at an earlier age then expected if all goes well.
Andrew Muir had the same idea, he moved £20,000 into a Pensions scheme in 2013 with a company called Fast Pension Ltd.
4 years later he tried to access his well-earned cash, it was inaccessible. He then received a tax bill for £800 for attempting to remove the money before the retiring age. Andrew did not receive any of his money at all.
One of the five companies associated with the Fast Pension Ltd company closed, this affected Andrew along with 520 other people who had transferred their pension into this scheme.
The Insolvency service refer to the fast pension scheme such as the one Fast Pensions Ltd carried out as rogue and have accused it of abusing millions of pounds from investors.
An independent trustee will be appointed by the Pensions Regulator to take over schemes such as the one Andrew enrolled into.
Fast Pensions Ltd will be monitored closely by the FSCS to see if they can come to the aid of people like Andrew and the 520 people who have been affected and effectively robbed of their money and pension. The Fast Pensions Ltd scheme will be declared in default, this will bring hope to investors as the FSCS states the scheme may be protected, giving a chance to retrieve some of the fund’s that the investors put in.
You can only hope the best for Andrew Muir, no one wants to be in this situation.
Remember it is important to take steps to protect your life savings, there are many rogue operators out there who appear to be legitimate but then swindle many hard working and earning people.
Don’t get robbed of your life savings, remember to take extra care, be safe and smart with your investments and always check to see if the pension advisor is FCA regulated.
If you are in doubt, then please click on the link below to check if the advisor is FCA regulated.
Amit Patel, Strax Capital Legal Limited
If you have a query, need some help, please don’t hesitate to get in touch at info@straxcapital or call us on 02031517150.