Dodgy Pension Trustee

magpiecottage

Davnik wrote: »

I an not happy with some people suggesting it is our own fault. I had independent advice from http://www.totalwealthsolutions.co.uk/about-us/our-people/ who are regulated by the FCA.
When the pension was transferred there was no mention of the wretched Mark Harris and AC Management. I had no idea that this person would become my trustee, nor that he would be untrustworthy.
Surely by now the net is closing in on him at last?

I suggest you complain to your adviser, then. If your investment has disappeared, FOS will require them to buy that investment from you for the price you paid plus a notional rate of return.

Note the rate is "notional", not "nominal". It is usually calculated by reference to a benchmark index.

An e-mail to the adviser saying that your money has disappeared and you are not happy should set the ball rolling.

You will probably get either a rebuttal or nothing. After getting the rebuttal or 8 weeks, whichever is the sooner, you can trot off to FOS.

MrUnhappy

Somebody previously posted a link to this but in case you didn't follow the link up here it is:-

The Pensions Ombudsman has upheld a complaint that an alleged liberator refused to act on a saver’s request to transfer out of a pension plan, but warned it is doubtful the scheme will adhere to this order and the saver may have to enforce the direction through the courts.

In the thirteenth decision relating to pension liberation, the ombudsman told scheme administrator AC Management and Administration Limited that it must transfer complainant (text removed by MSE Forum Team) pension to a named scheme that meets the “prescribed requirements under legislation”.
The transfer value, which was not mentioned in the decision, shall be the higher of the cash equivalent transfer value as at 31 January 2015, plus simple interest at the average rate, or the correctly calculated cash equivalent transfer value at the date of payment.
However, ombudsman Anthony Arter warned that he is not confident AC Management will comply with the direction, as it has failed to respond throughout the investigation.
Mr Arter wrote: “If AC Management do not comply, (text removed by MSE Forum Team) may attempt to enforce the direction through the courts, but sadly, even if AC Management respond, she may find that some or all of the money is no longer there.”
The case stems from early 2013 when AC Management, which was acting on behalf of (text removed by MSE Forum Team), transferred two pension policies to the AC Management and Administration Fixed Income Retirement Plan.
AC Management confirmed to Reliance Mutual their role as scheme administrators and provided client account details for payment, as well as the plan’s HMRC registration number. Following the transfer, a company named Green Footprint Investments wrote to (text removed by MSE Forum Team) asking her to complete a members investment decision form.
(Text removed by MSE Forum Team) opted, on 30 January 2013, for 75 per cent in Just Loans, which was said to have an investment term of three years and a 7.5 per cent fixed return, with 25 per cent in “FSA regulated investments”.
(Text removed by MSE Forum Team) told the ombudsman that she has not been able to obtain “important information” about her pension for over 12 months to enable her to review financial position and exercise her rights.
She had been in email contact with (text removed by MSE Forum Team) from AC Management, but he is no longer replying to her, the ombudsman said, adding that in emails dated 17 November and 3 December 2014, she requested a transfer value.
The pensions ombudsman wrote to AC Management for their response to the complaint, but the “post has been returned”.
The decision said: “They have given no explanation to (text removed by MSE Forum Team) (or us) regarding their lack of contact, failure to provide a transfer value or move of premises.
“She transferred to the plan, which is of a type that is designed to avoid regulatory obligations that would otherwise limit scope for abuse and/or bad advice. She apparently did so in search of high investment returns and increased draw down flexibility.

Mr Arter added: “I do not know what has happened to the assets she transferred, they may or may not be secure, though she is very rightly concerned that they are not.”


The complaint does not refer to the transfer itself, but the fact that (text removed by MSE Forum Team) cannot transfer out of the scheme, therefore Mr Arter had to establish whether she had a legal right to transfer out of the plan.
Under occupational or personal pension scheme regulations, the trustee or managers must carry out the member’s requirements within a specific period, which in this case, was six months.
“However, to qualify as an application for the purpose of the six month time limit for payment it needed to require AC Management to use the transfer value to acquire credits in an occupational or personal pension scheme, the trustees or managers of which were able and willing to accept payment,” read the decision.
“Strictly, (text removed by MSE Forum Team) original request did not meet the test. But, it was unquestionably maladministration not to respond – and it is the lack of response that stopped the process.”
Mr Arter concluded that therefore he could “see no reason” why the transfer could not have been paid by the end of January 2015.


Pause for thought!!!!!!!!!!!

Davnik

Well, any activity on this appears to have died a death and we are once again in frustrating limbo.

Man_In_Black

My understanding is that Taurus eventually realised that they had been hoodwinked by Mr Harris and ACMAL and had agreed to appoint an independent trustee in place of Harris. From what I can see, Harris has now been giving them the run-around for the past six months and stalled handing over financial records, some of the scheme assets et cetera. I understand that patience has now snapped and that Harris/ACMAL are now the subject of some robust enforcement action...

Davnik

Yes, I am aware of this. Things are moving but extremely slowly.
Hopefully we will get there before we all shuffle off our mortal coils.

MrUnhappy

Indeed new trustees have been put in place and yet still nothing seems to be happening, has anybody actually heard from the new trustee?

MrUnhappy

New address for Harris
The Gables, Llangathen, Carmarthen, Dyfed, Wales, SA32 8QD

Mojow1958

On getting pension updates from other pensions I have, I was wondering why I haven't had any from them.. now looking through these pages it appears I am not alone..

Mojow1958

Hi, is there a number I can contact for the trustees ?
Thanks

Davnik

Which scheme are you in?