Serious Fraud Office warns of £120m pension scam
(The Guardian Money News)

Retirees have been persuaded to switch all their cash into schemes involving self-storage facilities and there are fears they may have lost huge sumsFears are growing that large numbers of people may have lost huge sums of money after investing their retirement pots in - of all things - self-storage units. The Serious Fraud Office this week launched an investigation into storage unit investment schemes, and revealed that more than £120m has been poured into them. But could that just be the tip of the iceberg?One man was persuaded to transfer almost £370,000 out of his workplace pension and put it all into one such scheme supposedly offering an 8%-12% return. The Pensions Ombudsman, which looked at his case, said the `blameless` man had switched out of the `secure and generous` NHS pension scheme and may have lost all his money as a result. Others were lured in with claims that they could more than double their money in just six years. Continue reading...