The Pensions Regulator and police have begun an investigation into several schemes suspected of links to cold-calling activities; the police have interviewed two people under caution and arrested a third before releasing him.
Four homes and businesses in Newcastle, Sunderland and West Bridgford, near Nottingham, were searched last month. A man and a woman have been interviewed by police under caution on suspicion of Fraud Act offences, while a second man has been arrested and questioned by police on suspicion of fraud. He has been released while the investigation continues, the regulator said.
The regulator explained it “is concerned that pension holders have been phoned and persuaded to transfer their funds into poorly-run schemes with the promise of higher returns and cash incentives upfront”.
According to the regulator, the funds of members who wanted them invested in low-risk UK investments were put into high-risk overseas assets, and “payments are suspected to have been made to introducers – some of whom TPR believes had used cold-calling to target pension holders”.
The watchdog’s Determinations Panel made an order to appoint professional trustee company ITS to Alderley Wealth Management Pension Scheme, to look after £3m of funds.
