The fallout from the Pensions Regulator's (TPR) attack on pension reciprocation plans (PLPs) will be a "nightmare" for people invested in them, a lawyer says.
In June, TPR appointed Dalriada Trustees to seize control of six pension reciprocation schemes being run by Ark Business Consulting and two other closely linked companies. A lawyer at McGrigors, the firm acting for Dalriada, said whatever the outcome of the court case surrounding the schemes, investors will suffer large losses. PLPs are arrangements where investors put money into one scheme and take a loan of the same value from a parallel scheme, effectively giving them access to their pension before the age of 55. The Financial Services Authority (FSA) issued a warning about the ...
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