July 6th 2024.
Reflecting on the past, I realize now that I should have been more careful, regrets Pauline. As I unlocked my phone, I noticed a new text message from an unknown number. It was an offer to transfer my old frozen pensions into a high-return investment and receive a cash gift immediately. Despite the unusual nature of the message, I felt relieved and saw it as a lifeline.
Looking back, I can see that I should have been more cautious. If I had just ignored the text and deleted it, maybe none of this would have happened. But instead, I trusted that I was making the right decision. In 2013, I had my entire pension pot, which amounted to £45,000, stolen from me.
I know what you must be thinking - why would I trust a stranger promising me something that seemed too good to be true? But at the time, my life was hectic and I was under a lot of financial pressure. I was approaching my 50th birthday, working full-time as a nurse for the NHS, and raising three teenage children. On top of that, my parents were both seriously ill. My mother had just been diagnosed with terminal heart failure and my father had Alzheimer's. So, when I received a message offering an immediate cash bonus to transfer my pensions, it seemed like an answer to my prayers. This extra money, which ended up being £4,400 from two transfers, would allow me to take time off work and care for my mother in her final weeks.
I gradually learned that the company I had invested in was not real and I had fallen victim to a pensions liberation scam. But at the time, I was convinced I was dealing with a reputable company and enrolled in a genuine investment scheme. I transferred a second pension pot of £19,000 and received a return of £1,900. Sadly, my mother passed away a few weeks later, but I still had to care for my father and my children while organizing her funeral. Life went on and I almost forgot about the scheme and the money I had invested.
Over a year later, I received a letter from The Pensions Regulator stating that they had appointed professional trustees to take over my pension scheme. After their investigation, I learned that the company I had invested in did not exist. I had lost my entire pension of £45,000 forever. I felt sick to my stomach.
As a nurse for 40 years, I had worked hard to provide for my family and save for a comfortable retirement. Now, I was left with nothing. I felt ashamed and foolish for trusting these criminals who had taken my money, my future, and my hope. I was overwhelmed with fear and anxiety. The worst part was having to tell my children what had happened. They were concerned and asked me, "But what will you do when you retire?" I had to be honest with them - I would have to work until I was physically unable to do so.
You always hear about people falling victim to scams, but you never think it will happen to you. I thought I was too smart and savvy to be tricked, but no one is immune from fraud. As it turns out, I was not the only one to fall for this scam. The scammers, Alan Barratt and Susan Dalton, stole from 245 other pensioners across the country, totaling over £13 million. They were eventually convicted and sentenced to prison.
I am now a lot less trusting of people and I regret ever trusting that text message. But I have to keep moving forward because if I stop working, I may not be able to support myself. My advice to anyone considering transferring their pension pot is to stop and think. Never respond to unsolicited messages and do thorough research before making any big financial decisions. Taking a few minutes to think things through could save your future.
This article was first published on May 18, 2024. If you have a story to share, please get in touch. Share your views in the comments below.
Here are some tips to protect yourself from fraud. Be aware of common tactics used by scammers, such as impersonating an authority figure or using language that evokes strong emotions like fear or hope. If you feel at risk, do not hesitate to break contact by closing the text, email, or conversation. You can also try changing your online passwords.
If you believe you have been a victim of fraud, always report it. In England, Wales, or Northern Ireland, report it to Action Fraud online or by calling 0300 123 2040. In Scotland, report it to Police Scotland by calling 101.
Do not be afraid to seek help if you have been affected by fraud. It is important to feel empowered to ask for help when you are a victim of fraud. By calling it out, we can ultimately take back control.
I was convinced I was dealing with a reputable company and a genuine investment scheme. I decided to transfer a second pension pot of £19,000 and received a return of £1,900. Sadly, my mother passed away a few weeks later, but I still had to care for my father and my children while organizing her funeral. Life went on and I almost forgot about the scheme and the money I had invested.
Over a year later, I received a letter from The Pensions Regulator stating that they had appointed professional trustees to take over my pension scheme. After their investigation, I learned that the company I had invested in did not exist. I had lost my entire pension of £45,000 forever. I felt sick to my stomach.
As a nurse for 40 years, I had worked hard to provide for my family and save for a comfortable retirement. Now, I was left with nothing. I felt ashamed and foolish for trusting these criminals who had taken my money, my future, and my hope. I was overwhelmed with fear and anxiety. The worst part was having to tell my children what had happened. They were concerned and asked me, "But what will you do when you retire?" I had to be honest with them - I would have to work until I was physically unable to do so.
You always hear about people falling victim to scams, but you never think it will happen to you. I thought I was too smart and savvy to be tricked, but no one is immune from fraud. As it turns out, I was not the only one to fall for this scam. The scammers, Alan Barratt and Susan Dalton, stole from 245 other pensioners across the country, totaling over £13 million. They were eventually convicted and sentenced to prison.
I am now a lot less trusting of people and I regret ever trusting that text message. But I have to keep moving forward because if I stop working, I may not be able to support myself. My advice to anyone considering transferring their pension pot is to stop and think. Never respond to unsolicited messages and do thorough research before making any big financial decisions. Taking a few minutes to think things through could save your future.
This article was first published on May 18, 2024. If you have a story to share, please get in touch. Share your views in the comments below.
Here are some tips to protect yourself from fraud. Be aware of common tactics used by scammers, such as impersonating an authority figure or using language that evokes strong emotions like fear or hope. If you feel at risk, do not hesitate to break contact by closing the text, email, or conversation. You can also try changing your online passwords.
If you believe you have been a victim of fraud, always report it. In England, Wales, or Northern Ireland, report it to Action Fraud online or by calling 0300 123 2040. In Scotland, report it to Police Scotland by calling 101.
Do not be afraid to seek help if you have been affected by fraud. It is important to feel empowered to ask for help when you are a victim of fraud. By calling it out, we can ultimately take back control.
Sadly, my mother passed away just a few weeks after I invested in the scheme. But the responsibilities didn't stop there. I still had to care for my father and my children, all while organizing my mother's funeral. Amidst all of this, life went on and I almost entirely forgot about the scheme and the money I had invested.
Over a year later, I received a letter from The Pensions Regulator stating that they had appointed professional trustees to take over my pension scheme. After their investigation, I learned that the company I had invested in did not exist. I had lost my entire pension of £45,000 forever. I felt sick to my stomach.
As someone who had been a nurse for 40 years, I had worked hard to provide for my family and save for a comfortable retirement. Now, I was left with nothing. I felt ashamed and foolish for trusting these criminals who had taken my money, my future, and my hope. I was overwhelmed with fear and anxiety. But the worst part was having to tell my children what had happened. Understandably concerned, they asked me, "But what will you do when you retire?" I had to be honest with them - I would have to work until I was physically unable to do so.
You always hear about people falling victim to scams, but you never think it will happen to you. I thought I was too smart and savvy to be tricked, but no one is immune from fraud. As it turns out, I was not the only one to fall for this scam. The scammers, Alan Barratt and Susan Dalton, stole from 245 other pensioners across the country, totaling over £13 million. They were eventually convicted and sentenced to prison.
I am now a lot less trusting of people and I regret ever
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