People in Merseyside are being warned of ‘pension schemes’ which could see them lose their entire pension.

It is estimated more than 1.3 million people have been targeted by immoral financial advisors who have dished out bad advice regarding people’s pensions.

These immoral advisors have persuaded many people to transfer their existing private pensions, or extremely valuable defined benefit pensions, to open what is known as a Self Invested Personal Plan (SIPP) and to “invest” in unregulated, high risk and illiquid ‘investment’.

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For many, this has led to them losing most – if not all – of their hard-earned pension which they have been paying into for the majority of their working lives.

Through such schemes, past cases have seen people transfer pension pots of over £500,000 into worthless ‘investments’ sold to them by ‘dodgy’ or inexpert financial advisors who were not authorised or regulated by the Financial Conduct Authority (FCA).

Investments that promise significant returns but deliver losses have led to people losing most, and in some cases all, of their pension, leaving them devastated, often traumatised, unable to retire comfortably and often unable to retire at all.

Wirral -based Solicitor Paul Higgins of Pension Justice, a law firm that specialises in assisting victims of pension mis-selling to help recover some of their lost money, said his firm has been exposed to…

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