The company acted as trustee of the Westminster Pension Scheme (the Scheme) which was established in December 2012. Clients were induced to move their existing pension funds into the Scheme on the basis that they would receive in return a cash payment either in the form of a loan from an associated company (typically of 50% of the funds) or from commission on investments made by Thames Trustees Ltd on behalf of the Scheme. In fact, there was never any intention that the loans received by clients would be repaid and the Scheme, instead, operated as a pension liberation scheme providing clients with earlier access to pension funds than is permitted by the Finance Act 2004.
The investigation established that 79 members joi…
Read the full article at: http://www.actuarialpost.co.uk/article/pension-liberation-company-shut-down-by-insolvency-service-9876.htm