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Suspected pension scam firms enter liquidation

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Two firms behind suspected pension liberation schemes Capita Oak and Henley have been served a winding up order by the High Court in Manchester.

In a hearing yesterday the companies were placed into liquidation and Ken Beasley was named as the official receiver, the Insolvency Service says.

Kent-based Imperial Trustee Services was the trustee of the Capita Oak scheme, which received £10.8m in transferred assets.

West Midlands-based Omni Trustees was the trustee of the Henley Retirement Benefit Scheme, which received £8.6m in investments of which £3.6m was placed in self-storage units.

The Pensions Ombudsman has investigated several complaints from people who transferred pension assets to the Capita Oak scheme which were subsequently lost.

In April this year the Ombudsman turned down complaints against Legal & General and Scottish Widows after a member lost around £50,000 he moved to Capita Oak.

Likewise, the Ombudsman backed Aviva after it approved a 2014 transfer of £37,893 to Capita Oak.

Former pensions ombudsman Tony King said Capita Oak was a scheme “of a type that is designed to avoid regulatory obligations that would limit scope for abuse.”

He added: “I do not know what has happened to the assets he transferred. They may or may not be secure, though he is very rightly concerned that they are not.”

In May this year the Ombudsman ordered Omni Trustees to transfer around £50,000 out of the Henley scheme after the scheme and trustees failed to respond to a member’s request.

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