Pension reversal scheme - Been offered a place in one

I don't have the full details yet and it depends how full it is, I won't find out till another two weeks. But I have been offered a chance to sign my pension away for £86,000. The company that does this banks on the chance that my pension will be worth a lot more than that, so they make money from it long term.

My reasoning is that with £86,000 I could buy a small house or flat without a mortgage and then put the money I would save on rent into a savings scheme which would then become my pension.

Has anybody seen this scheme before?

I should point out at the moment I have only got a very NI state pension.

 

OK looked into it all and I am 101% sure its a scam. The problem is my customer is the one being scammed as I have not paid a penny, she has paid this firm 30 euros thinking she will make 2000 euros out of me. I never even said yes in the first place

I have struggeled to find out any contact details for the company other than Angolia, so this just has Mugu all over it.

 

how did they contact you..?

 

It is a customer of mine, she has already invested £1000's into this, I haven't invested anything, looking on the Internet there is always that 0.1% chance its genuine, but that 0.99% chance its a scam.

Basically they would just setup a pension in my name and cash it in when I get to 67, but if they are paying each member (100,000) between £40k and £80k each now the maths just don't add up.

 

Take the money, fake your death. Job done.

 

and don't come to life in a few years time.

 

thought maybe you'd received an email from a nigerian...

 

No no its a lot more sinister than that. The problem is my customer is genuine, all their son's run local and well known business and they have all fallen for the scheme.

At the end of the day they have no contact address and people have linked it with Angola. I wouldn't even purchase a 99p cable from a site with no address!

I have been told that the site is listed on the UK national security website, but I can't find anything on MI5 or MI6.

It is going to be so hard telling this customer that am not joining as I think you have all been Mugu'ed.

 

It's incredible that people believe these things...

Spend the "application fee" on the lootery instead - you've better chances of winning.

 

She has already paid for me, she didn't want the money, obviously she believes so much than she will get the 2000 euros for referring me. However I was interested but vague at the time, I was working all day yesterday so had no time to research it properly. As soon as I got home spending 5 mins on google made me learn enough to realise its one of the most clever scams ever.

The only way you can make money for nothing is working hard or high interest savings accounts.

 

But working hard is not money for nothing.

There's only three ways to make money:

1) Have money
2) Have land
3) Have time

Since it's largely the landed gentry who fall into categories 1 and 2, most of us toil away in 3, giving up our time for money.

 

You missed off boobs and shotguns they're also ways to make money.

 

I think they might fall under time.

Having neither boobs nor shotguns, however, I shall defer to your experience on that one.

 

I think for myself - it would take a long time to develop boobs...

 

Could be fairly quick depending on pie consumption... however, I suspect that would require money.

 

all the eostrogen in the water system is apparently helping men to develop boobs. This however will require time......

 

AT
My pension has so far paid me £120,000. I'm 57. If I live for another 20 years It will have paid me over half a million without factoring in its index linking.
Any one who gives up a pension and hopes property will provide one is a 100% complete idiot.

 

how does this work then..? - just I got my statement the other day and my figure quoted is just over 100k - or just over 13k per year (which is nowt really, but seems to be rising 1k per year!) and i'm in my late 30's...

can I just withdraw the 100k (or what ever it'll be) when I retire..?

maybe I'll give them a ring over the coming days...