Robert McCarthy who is now 56 claims that he was convinced to invest in the storage pods which could be a personal pension plan for him. He claims that he was mis-sold all the private pension slips and no one ever warned about the high risks which were compiled to his money.
The father of two said that investors said he had hopes of high return that they have not materialized with the use of buying long term leases for the pods for investment. Now the trail is still going on in the High Court, and after a week, the Manchester have ordered the liquidation of the Store First Company and their managers who are behind this scheme.
According to the Lancashire Telegraph, it has been said that a lot of people have invested in this business and have found themselves entangling into the mess of the scheme. He said that the money was meant for his children and solely for his requirement purpose. And now that he is left with nothing, he has lost everything he ever owned.
Robert worked for a battery factory for the past 13 years and have wanted to move his pension to the new scheme that was followed to him. After the economy slumped for the recession that happened in 2008, everything went downhill, and that is the reason why he wanted to invest in something for his near future.
He was advised by the agents of the Liverpool based company and the agents who persuaded him into investing.
What are these self-investment personal pension plans?
The standard pension schemes settle onto the manageable pool of funds which are chosen in by the insurance company. The Sipps are a form of a private institution which helps in choosing freedom to manage their own investment from time to time. Just like the normal ones, the tax is excluded.
Losing his funds made him sicker
Robert says that when he lost track of his investment that he made for the scheme of the company, he lost all the savings and were switched from the yearly statements formation which was managed to access his bank account from online.
When he called up the store, they said that the storage pods where he has been saving the money have been empty for two years. This means that they took all the money that he invested and kept him in the dark.
Upon receiving this news, he was shocked and claimed that the pods could not be empty since he has been storing some money for quite some time. He started to panic, and then things began shooting to him from his perspective.
There is new group litigation against the Berkeley Burke, and they are trying to call him under the schemes that he made for the innocent people and have taken their money in. Roberts’s case is now being handled by the best, and it is still ongoing in the High Court and he is about to get this compensation right from the management.