The money was invested with five companies that have been shut down after investigations carried out by the Insolvency Service during the 2015/2016 financial year. The companies were shut in the public interest, officials said.

The Insolvency Service estimated that by winding them up it prevented further losses of at least £107 million.

The 5 pension liberation companies that were wound up were:

• Three linked companies: Imperial Trustee Services Ltd (clients lost £10.8M), Omni Trustees Ltd (clients lost £8.6M) & Transeuro Worldwide holdings Ltd (clients lost £97.1M)

The Insolvency Service stated: “Conservatively we are aware of 289 clients affected by these 3 linked schemes but there were certainly a greater number affected. Imperial was involved in a scheme in which members of the public were induced to transfer pensions totalling £10.8m into an occupational pension scheme which was to invest in storepods, on the basis of a series of misrepresentations.”

It said: “Omni was involved in a scheme in which members of the public were induced to transfer pensions totalling £8.6m into an occupational pension scheme which was to invest in storepods, on the basis of a series of misrepresentations.

“The company facilitated the misselling of storepods as an alternative asset to members of the public who were persuaded to transfer their pensions to SIPP's or Occupational Pension Schemes.”

• Two linked companies: KJK Investments & G Loans Ltd whose 209 clients lost £11.9M

The two North West-based companies were wound up by the High Court for operating a misleading pension-backed loan and investment scheme in which clients invested £11.9m.

A TIS report stated: “KJK Investments Ltd and G Loans Ltd operated a pension liberation scheme in concert with each other. Pension funds were invested by 209 clients with KJK which, in turn, funded G Loans to provide loans to the clients.

“The court was satisfied that the companies acted with a lack of commercial probity in the way in which they marketed the scheme to clients and that the scheme itself was lacking in any proper commercial basis – with the result that there was no realistic prospect of clients getting back the funds which they had originally invested in KJK Investments Ltd.”

Reaction

Kate Smith, head of pensions at Aegon, said: “It’s welcoming news that government agencies are acting behind the scenes and starting to close down pension liberation firms who have scammed people out of thousands of pounds of their hard-earned savings. But much more needs to be done and the government and regulators have to be seen to act quickly to protect people and stop pension liberation firms being set up in the first place.

“Simply preventing directors of these firms setting up new firms is a totally inadequate response; much greater sanctions to act as a deterrent are urgently needed. The government and regulators need to work together with the pension industry to come up with workable measures to protect people from scammers.

“Unfortunately ultra-low interest rates and volatile stock markets open up another opportunity for scammer firms to tempt people to move their pension investments overseas or into highly unusual and risky investments with the promise of unrealistically higher returns.”