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Paul, 43, an IT manager in the banking industry, transferred his entire pension into a Qualifying Recognised Overseas Pension Scheme known as a QROPS.
These are typically taken out by Britons who want to transfer their UK pension funds overseas when moving abroad.
They are a complex and specialist type of pension, that are not suitable for the vast majority of UK savers.
Paul from Bournemouth had two pension funds with SunLife of Canada and Siemens, which held a total of £102,051.59.
A financial adviser working for Abrams Ashton & Co Financial Services Ltd advised him to transfer these into a QROPS.
The adviser recommended the Metro International Retirement Annuity, managed by Castle Trust and Management Services Ltd.
They put Paul’s money into a string of high-risk investments.
These included Aspiro research, disruptive technology, Energy 10, Consilium Strategy Land Fund and British Land Property Fund.
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