The Insolvency Service is warning people to guard their pension savings from investment scammers and negligent trustees.

Since 2015, the Insolvency Service has applied to the courts to wind-up 24 companies that have carried out a form of pension misuse.

The pension misuse varies from convincing people to access their pensions and invest in unregulated schemes to pension trustees not carrying out their duties properly.

The Insolvency Service has estimated that there have been close to 3,750 victims connected to the 24 companies closed down, including both individuals and businesses, having made £202 million worth of contributions.

Consumer Minister Kelly Tolhurst MP said:

” Our consumer protection regime is one of the strongest in the world and we are committed to making sure people know their rights. If you are approached to make an investment from your pension, always do your homework and seek independent advice, if necessary, to help you make an informed decision.”

” Government continues to work closely with the Insolvency Service who are working to clamp down on rogue companies targeting vulnerable people. If you think you might have been a victim, I’d urge you to report it to Action Fraud UK at the earliest opportunity or visit the ScamSmart website for further help.”

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