A man and woman who scammed 245 people out of £13.7m in pension savings have been jailed.
Alan Barratt, 62, and Susan Dalton, 66, tricked hundreds of people into transferring their pension savings into 10 schemes, which they controlled.
The average loss was £55,000, but some lost much more.
Barratt was arrested in Spain and sent back to the UK in 2021 – the first time the Pensions Regulator had extradited a suspect.
Both Barratt and Dalton – from Essex and Lancashire – were charged with fraud for abusing their position as trustees of the schemes.
Barratt had denied the charged, but in January changed his plea.
The pair – who were based in Spain – lured people with the promise of unrealistic returns, bonuses and even John Lewis vouchers.
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“Mastermind” David Austin killed himself in 2019 after being invited for a police interview, Southwark Crown Court was told.
The trial heard that Dalton made around £126,000 from the scam, and Barratt around £343,000.
However, they are said to have passed most of the money to Austin, who used it to fund businesses, pay others involved in the con and enrich himself and his family.
A 2018 civil trial ordered the trio to repay millions, but the funds were largely transferred to offshore accounts and have not been recovered.
Barratt was sentenced to five years and seven months and Dalton to four years and eight months.
Critical care nurse lost £45,000
One of the victims of the deception, which took place between 2012 and 2014, was Pauline Padden from Merseyside.
The 58-year-old was looking after her terminally ill mother when she got a text offering her cash and a better deal on her pension in return for transferring her pot.
Ms Padden, who has worked as a critical care nurse for more than 40 years, agreed to move her funds from her workplace scheme into the Gresham Investment Pension Scheme.
She hoped it would mean more security in her retirement.
However, six months later, she was devastated to get a letter explaining she had been the victim of a scam and had lost £45,000.
The mother of three said she’s been robbed of the prospect of ever retiring and may be forced to sell her home.
“I did this to try and make my retirement easier, but I’ve been left high and dry,” she said.
“My children are worried and angry as they know I have worked so hard. They ask me why I’m not giving up work. I tell them that I can’t – I cannot afford to live.
“While friends and family talk about retiring I will probably have to keep working until I’m no longer fit to do so.
“When I think about it, I get panicky. What am I going to do? There is nothing I can do.”
Others who lost huge sums include Kent firefighter Glenn Perkins, who transferred £146,000, and says he now struggles with mental health problems.
Another victim, referred to as Mr Holloway in court, has been left “devastated” after losing £300,000.
