Pension scams push savers to take their own lives

clock

Pension liberation scams have pushed four people who used them to take their own lives after realising they had lost much of their retirement fund, according to a victims campaigner.

The schemes, run by Ark Business Consulting and Capita Oak, told hundreds of people they could access their pension funds before age 55 without having to pay tax because of a legal loophole. In reality, those who invested in the schemes are now liable to pay a 55% tax charge on the money they took out, leaving many owing hundreds of thousands of pounds, according to the Daily Mail. Savers trying to get their money back have been unable to contact the trustees of Ark and Capita Oak. Angela Brooks, chairman of the campaign group Ark Class Action, warned the 700 people caught up in th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Sounding the alarm: Facing the retirement reality check

Sounding the alarm: Facing the retirement reality check

'At the heart of the issue is a worrying lack of engagement'

Laith Khalaf
clock 17 June 2025 • 3 min read
Why we plan holidays, not retirements: Changing the client conversation

Why we plan holidays, not retirements: Changing the client conversation

'This is scary for us as an industry but even more scary for us as a nation'

Verona Kenny
clock 04 June 2025 • 4 min read
Inflation drives 'modest' rises in PLSA's Retirement Living Standards

Inflation drives 'modest' rises in PLSA's Retirement Living Standards

Majority of pre-retirees expect to live with someone else in retirement

Martin Richmond
clock 03 June 2025 • 8 min read