A pension company that invested in storage products with investors’ savings has been ordered into liquidation by the High Court.
Kent-based Chartwell Trustee Pension Solutions was the sole trustee of the Pinnacle Pension Scheme.
Chartwell amassed in excess of £4.8m of members’ pension funds following an apparent cold-calling telesales operation.
Members were told to expect 8 per cent returns into their pension pots for the first two years, and were aware the money was being invested into storage products.
The Insolvency Service launched an investigation into the company following complaints, finding customers had not been issued with any annual return statements or details of their invested funds.
Chartwell had held the funds in the investment since October 2015.
Details provided to the Insolvency Services by directors Christopher Payne and Karen Burton were also incomplete.
Information provided by the pair to the Pensions Regulator also contradicted the information on activities provided to the Insolvency Service.
Payne and Burton were previously directors of Imperial Trustee Services, which was also also wound up by the Insolvency Service after a public interest petition
Insolvency Service investigation supervisor Irshard Mohammed says: “Members of the public should be most wary when approached with investment proposals or proposals of how to manage their pension, through unsolicited telephone calls.
“Those behind companies such as Chartwell should be aware that the Insolvency Service will not tolerate such abuses of the corporate regime.”