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£120m Storage Pod Pension Scheme Scam

Pension Claims

In May 2017, The Guardian newspaper reported on a Serious Fraud Office (SFO) investigation and warning about a number of “Storage Pod” pension investment schemes – including Capita Oak Pension and Henley Retirement Benefit. The Guardian also named other potential schemes that they had seen literature about:

“One glossy brochure seen by Guardian Money offered the chance to buy individual units from £3,750-£30,000 said to be located in the north-west of England. The investor would buy the unit on a long-term lease from Store First Limited, and then sublet it to a management company which would subsequently rent it out.”

- The Guardian, 27 May 2017

One of the key concerns about Storage Pod schemes (other than the SFO warning that some are run as scams) is the difficulty involved in withdrawing an investment. In other words, that they can be illiquid investments. The Guardian article highlighted this concern:

‘In December 2014, the Pensions Ombudsman published its decision in the case of “Mr X” who was persuaded to transfer his entire future pension – £367,601 – from the NHS Scotland scheme into Capita Oak. The ruling stated that Mr X was told his money would be invested in “Storefirst Limited” (sic), “a large self-storage firm in the north of England”. It was offering an 8%-12% return “and therefore it seemed a good investment”. He later discovered that he couldn’t get his money out.

The ombudsman said Mr X may well have been “duped” out of his entire pension, and it is not known whether he ever recovered any of his money.’ (The Guardian, 27 May 2017)

The obvious attraction for schemes such as Store First is that they appear to offer very high rates of return, compared to traditional pensions investments.

If you have been affected by a pension transfer into a Storage Pod scheme that you are now concerned about, please get in touch and discuss your issues with a specialist pensions claims expert.

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Mr B, Derbyshire
£150,000 compensation

Excellent advice and support - from the initial enquiry to the final compensation award of £150,000 in respect of my mis-sold pension transfer from a Final Salary scheme.

Why Assist.Claims?

Gary Naylor - Partner

“I have over 35 years of experience in the financial services industry which include 18 years as an Independent Financial Adviser specialising in pensions and investments.

I also have experience in the compensation / claims business as a Director with Pension Advice Claims Ltd, where we had great success in claiming thousands of pounds of compensation for people who had been mis-sold personal pensions and SIPPS.

As your Claims Manager, I will personally and quickly review your case on its merits and will only pursue a claim if I believe you will win compensation. We promise to keep you informed during the process and we will only charge you when we are successful.”

- Gary Naylor