Two pension liberation schemes, which extracted £18m from retirement funds, have been taken to the High Court after intervention by The Pensions Regulator (TPR).
Dalriada Trustees, an independent trustee firm appointed by TPR, has launched a High Court action against three investment companies and two former trustees in a bid to recover £18m of assets. The firm took control of two pension schemes - the Pennines and Mendip schemes - from the former trustees, John Laurence Woodward and Jennifer Doris Ilett on March 28. Dalriada alleges the trustees used the pension schemes as a vehicle to facilitate loans to members through a series of seemingly unconnected investment firms, Hedge Capital Investments Limited (HCIL), Hedge Capital Investment Grou...
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