Watchdog reveals details of £134m pensions liberation bust

The watchdog launched a case against the five linked schemes in the High Court in July 2013 over concerns they were set up to provide a cash payment rather than retirement benefits. The schemes were A Admin Ltd, Warwick Pensions Administration Ltd, Lincoln Pensions Administration Ltd, Baxendale Walker LLP, and Paul Baxendale-Walker. The regulator said the defendants had agreed to wind up the schemes after the court ruled in its favour on a number of preliminary legal issues. TPR executive director Andrew Warwick-Thompson said: "Our action in this case sends a message to anyone oper...