On the go: Six people have been interviewed by Essex Police under caution in connection with a suspected pension fraud as part of a criminal investigation by the Pensions Regulator.
The regulator says that about 370 people have been persuaded to transfer around £18m into eight pension schemes at the centre of the case.
There is evidence that members’ funds have been passed on to companies connected to the suspects in this investigation.
The regulator opened a case after a number of legitimate schemes reported to the watchdog that they had received requests from members to transfer their savings into suspicious schemes.
On December 11 warrants were executed at two residential addresses in Essex in a regulator-led joint operation with Essex Police.
One business address was also searched. Four people – three men and one woman – were interviewed under caution and a further two men were arrested and questioned, all on suspicion of fraud offences. They were released while the investigation continues.
As part of the same investigation, on December 10 the regulator’s determinations panel suspended nine people from acting as trustees for a period of 12 months, and appointed an independent trustee, Dalriada Trustees, to the eight schemes at the centre of the investigation.
A special procedure allows the panel to make orders without prior notice to the individuals concerned, where this is necessary because of an immediate risk to the interests of members and scheme assets. The decision is subject to compulsory review, under section 97 of the Pensions Act 2004.
Nicola Parish, the watchdog’s executive director of frontline regulation, said: “The legitimate schemes in this case did the right thing by raising their concerns with us and stopping their members transferring out and potentially losing their life savings in what we believe to be scams.”
