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BBC Radio 4's Money Box
Saturday, 21st July 2012 at 1204 BST On Radio 4 and Online
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The Serious Fraud Office warns that it is investigating up to nine pension schemes totalling 'hundreds of millions of pounds' which might have conned thousands of people out of their money. The SFO has just announced that one man has been jailed for eight years after a scam which took £52 million from 2,200 people. Paul Lewis talks to Jane de Lozey, the SFO's joint head of fraud and to Andrew Roberts, chair of the SIPPS trade body Association of Member Directed Pension Schemes Related Links:
Pension costs transparency If you have a pension, do you know how much of its value is swallowed up in fees and charges? A report by the RSA think-tank suggests private pension firms are hiding some of the costs they charge on customers' investment funds. Which means customers don't realise how much of their pension value is being eroded by charges that may seem only a small percentage, but in reality can have a big impact. Paul Lewis discusses the issue with David Pitt-Watson, co-author of the RSA report and to Otto Thoresen, Director General of the Association of British Insurers. He also talks to the Pensions Minister, Steve Webb about charges, auto-enrolment and small pension pots. Related Links:
Money Return Ltd Money Box has been contacted by a listener who says he was "cold called" by a firm called Money Return Ltd which tried to persuade him to cash in his pension and put the money into a SIPP, despite the firm not being regulated to give pensions advice. Reporter Bob Howard investigates.
BBC Radio 4's Money Box is broadcast on Saturday at 1204 BST.
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