SIPP suckers

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Posted on: 28 March 2012 by Anthony Page

Serious Fraud Squad estimates £32million in Self Invested Pension Plans at risk after investors place faith in slick sales promises of high returns.

I was happily sitting at my desk writing yesterday morning and the phone rang. On the line was a very affable young man endeavouring to persuade me to invest in vintage wines through my Sipp (Self Invested Pension Plan).

I let him ramble on as it’s always good to hear a trained salesman strut his stuff – 8% compound, cannot fail, the new reality for investors, backed by the French government (??) and so on.  I politely but firmly ended the call as I’d heard it all before.

This morning I’ve been reading a magazine called Money Marketing ( trade publication for the financial services industry) and front page news is the investigation by the Serious Fraud Office of Sustainable Agroenergy Plc, Sustainable Wealth Investments (UK) Limited and Sustainable Growth Group (UK) Limited. The £32 million at risk came from 1500 Sipp investors! Well their pension dreams just went down the pan as well as their money! Further on there’s news of another one! Last week, Money Marketing revealed investors could be facing losses of up to £60m following the liquidation of specialist property investment firm Arck LLP.

If you have a Sipp just remember it’s all about self investment – you make the mistake and you carry the can – there’s no one to fall back on. Buyer beware!

 

If you want to share your views, you can email me via my profile or at tony@olderiswiser.com. Better still; just leave your comments below where everyone else can join in the debate.

 

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