The Pearl Consultants Limited Pension Scheme

grant79

I have just received a letter from Roodee Ltd which acts as trustees of the above sheme to tell me that ERSG who run the scheme have failed to post results from 2018 and that Rodee have been made aware that STM Group PLC an AIM Listed FCA regulated pension and investment business has made a formal claim against yhe company through the court in Cayman. Rodee have taken advice from APJ Solicitors and have taken the decision to assign a nil value to my pension. Does this mean I have lost all of my £80000 which was in my pension pot and where do I stand. APJ solicitors have agreed to try and recoup the monies on a no win no fee basis but I am at a complete loss as to where I stand. The pension pot was to be used to pay off my mortgage as I have had to retire early due to ill health.

Dox

Rather depends where the pension scheme is registered - doesn't sound as if it is UK-based?

I'd give TPAS a call in the morning and talk it through (free): https://www.pensionsadvisoryservice.org.uk/contacting-us

Marcon

Agree it's worth a word with TPAS - but why aren't you asking these questions of the trustees of your scheme? What are they doing to help protect their members?

Flint1965

I have £110.000 invested with the same company I too have got the same letter and package from the solicitor. I have emailed the trustees on a number of occasions. But not had a reply since 18 th December 2018 . The trustees was a director of Esrg and pearl pensions but now he runs this trustees business I think there is something very fishy going on . I am due to retire next year and this was my pension pot

Flint1965

Look at company house and see if you find the same as I did about the [Text removed by Forum Team] guy

Browntoa

Were you cold called ?

How did you find the company in the first place

Flint1965

I found a company on website they ware called access to cash and they sorted out the pension transfers for me but I think that company is no longer trading or changed it’s name

Marcon

Flint1965 wrote: »

I found a company on website they ware called access to cash and they sorted out the pension transfers for me but I think that company is no longer trading or changed it’s name

Who regulated them?

Malthusian

grant79 wrote: »

The pension pot was to be used to pay off my mortgage as I have had to retire early due to ill health.

Then you potentially had the right to draw money from your pension fund before age 55 without the need for a pension liberation fraud.

Does this mean I have lost all of my £80000 which was in my pension pot and where do I stand.

Yes, this is normal when someone transfers their pension fund to a pension liberation fraud.

Pearl Consultants Limited never traded and it sounds as if "The Pearl Consultants Limited Pension Scheme" was a bogus scheme set up to facilitate pension liberation fraud.

APJ is, as far as anyone can tell, a firm of legitimate solicitors (they are in the news a lot for dealing with claims of this kind). It sounds like this is a case of poacher-turned-gamekeeper where the company that stole your pension refers you to a claims firm to get one last chunk of commission.

What was Access to Cash's real business name? Somewhere in your paperwork or correspondence you should have some business particulars.

The most realistic chance of recovery is a claim to the FSCS, and if you have a claim on the FSCS you don't need to pay part of your compensation to a solicitor - the process is straightforward.

Be aware that you may also be liable to a 55% tax bill on any money you were paid by the liberation scheme.

Silvertabby

Malthusian wrote: »

Be aware that you may also be liable to a 55% tax bill on any money you were paid by the liberation scheme.

55% tax penalty on the whole £80K, not just the money OP actually received.

Flint1965

The pearl pension was run through ESRG the trustee now Roodee limited who the owner of Roodee was a director of Esrg too ,