Lothbury Pension Administration?

waggy307

Mancyouth has anyone told you when we could expect to see our money once the claim forms are all in?

Mancyouth

it could be a very quick process once all claims are submitted, weeks rather than months.

wallpaperman

chainbar_loyal wrote: »

what wilson fields fail to grasp here is the affect this is having on peoples lives to my knowledge there has been one sucide attempt my marriage has broke up due to the pressure of this all this

Horrible situation for people caught up in this. Perhaps this thread could be somehow kept prominent so if anyone asks about Pensions Liberation/cash my pension type schemes, they could just be pointed straight to this thread as a warning.

On the subject of getting money back, have you been given expectation by the administrator that this is likely? All or a small proportion of the amounts invested? Being realistic it would seem highly unlikely that creditors would see anything like the full amounts lost, sorry.

Mancyouth

Wallpaperman, hindsight is a wonderful thing. There are lots of genuine schemes which do work, but because of the lack of control about who can set up such schemes there will always be a Lothbury waiting to unlawfully relieve people of their pension.
As for the administrators in this case we are still waiting to see what shortfall (if any) there is. Thankfully Barclays acted swiftly by freezing the relevant bank accounts limiting any losses.
You can only be realistic about what dividend we will recieve when knowing all the facts, and as yet no one does.

wallpaperman

Mancyouth wrote: »

Wallpaperman, hindsight is a wonderful thing. There are lots of genuine schemes which do work, but because of the lack of control about who can set up such schemes there will always be a Lothbury waiting to unlawfully relieve people of their pension.

Nothing to do with hindsight. Other dubious schemes may work for a period, but wait until two or three years later when HMRC finally catch up with them and clobber the folks who invested with a tax bill.

I work for a pensions company and have seen money transferred to Lothbury and a whole raft of other weird and wonderful 'providers'. Our company try their best to warn the policyholders as far as we can without overstepping the mark legally, but most of the time it falls on deaf ears. No doubt ambulance chasing firms will try and claim in future that the pension companies should have refused to transfer to these schemes, I can just see it now.

I did feel good on Friday when I came across a case I had dealt with in October that was potentially transferring to Lothbury. It didn't happen because we didn't get the required documentation from Lothbury, I'll bet the policyholder is glad now that we showed a reasonable amount of dilligence.

Good luck with getting your money back.

chainbar_loyal

i recieved my paperwork from wilson fields today they are getting better they sent the paperwork out ...shame they didnt seal the envelope it must be a cost cutting exercise putting the envelope licker on short time also no return addressed envelope also to all creditors they are having a conference call with barclays tuesday at 10 am about getting our money transfered over i shall be ringing then first thing on tuesday morning to remind them

Mancyouth

wallpaperman wrote: »

Nothing to do with hindsight. Other dubious schemes may work for a period, but wait until two or three years later when HMRC finally catch up with them and clobber the folks who invested with a tax bill.

I work for a pensions company and have seen money transferred to Lothbury and a whole raft of other weird and wonderful 'providers'. Our company try their best to warn the policyholders as far as we can without overstepping the mark legally, but most of the time it falls on deaf ears. No doubt ambulance chasing firms will try and claim in future that the pension companies should have refused to transfer to these schemes, I can just see it now.

I did feel good on Friday when I came across a case I had dealt with in October that was potentially transferring to Lothbury. It didn't happen because we didn't get the required documentation from Lothbury, I'll bet the policyholder is glad now that we showed a reasonable amount of dilligence.

Good luck with getting your money back.

Wallpaperman it's totally to do with hindsight, because if I knew in September what I know now thn Lothbury would never have got my money. The "threat" of HMRC chasing people years later doesn't carry any weight, as the whole point of these schemes is to quickly release cash, so I suspect a high percentage of people would take the risk of HMRC at the expense of releasing funds from a pension.Back to hindsight- your delight on Friday that you "saved" someone from Lothbury is my point exactly.
This whole sorry situation is a sad indictment of the double standards and legislation pension companies are forced to work with. In times of austerity individuals should be free to make the decision to release funds from pensions to help prop up the failing UK economy- regardless if they've reached the magical age of 55.
I will refuse your offer of good luck, as I get the sense it's laced with sarcasm and "I told you so"- all delivered from your moral high ground.

wallpaperman

Mancyouth wrote: »

Wallpaperman it's totally to do with hindsight, because if I knew in September what I know now thn Lothbury would never have got my money. The "threat" of HMRC chasing people years later doesn't carry any weight, as the whole point of these schemes is to quickly release cash, so I suspect a high percentage of people would take the risk of HMRC at the expense of releasing funds from a pension.Back to hindsight- your delight on Friday that you "saved" someone from Lothbury is my point exactly.
This whole sorry situation is a sad indictment of the double standards and legislation pension companies are forced to work with. In times of austerity individuals should be free to make the decision to release funds from pensions to help prop up the failing UK economy- regardless if they've reached the magical age of 55.
I will refuse your offer of good luck, as I get the sense it's laced with sarcasm and "I told you so"- all delivered from your moral high ground.

Sorry, my 'good luck' with regards to everyone getting some of their money back was entirely genuine, if it didn't come across that way then that is down to my poorly worded reply.

I can do sarcasm really well, believe me, but this wasn't one of those times.

I genuinely cringe when I have to deal with one of these pensions transfers, although I get the impression that most of the policyholders that do these transfers are well aware that what they are doing is somewhat dodgy.

Mancyouth

Wallpaperman - the reason people look at schemes such as Lothbury is to release a capital sum from their pension, inevitably due to financial difficulties and the recession. The fact that there are so many schemes which offer this (and are "legal") I doubt people think they are doing anything dodgy.
Again the warning to anyone looking to do this is to carry out thorough research on the scheme/company before proceeding. Hindsight again.

SippTechie

Mancyouth wrote: »

Wallpaperman - the reason people look at schemes such as Lothbury is to release a capital sum from their pension, inevitably due to financial difficulties and the recession. The fact that there are so many schemes which offer this (and are "legal") I doubt people think they are doing anything dodgy.
Again the warning to anyone looking to do this is to carry out thorough research on the scheme/company before proceeding. Hindsight again.

Mancyouth, I have a great deal of sympathy for anyone who has been caught out by one of these schemes. From his posts I think it is clear that Wallpaperman does as well.

As someone who works for another pension company, and who is also dealing with people looking to join a variety of these schemes on a regular (pretty much daily) basis, I also have a lot of sympathy for what Wallpaperman is saying.

We try to warn people that these schemes are likely to end up with people losing their money - and that could either be because the people running them will just take all or some of their money and/or it could be because HMRC are likely to come after them and take it as a massive tax charge later on - unfortunately we are limited in what we can say because, perversely, we can get in trouble with regulators for "tipping off" that a financial crime may be happening, or we can be sued by the operators of these schemes.

I'd agree with what you say about people joining these schemes doing their own research into the individual schemes/companies. I'd also suggest that people just consider the wider question of whether it is wise to use a scheme if pretty much the only people who are saying it is "legal" are the people running the scheme and taking a healthy chunk of their money in commissions/fees.