The Insolvency Service has wound up a pension liberation company which helped savers access their funds earlier than allowed, following a High Court battle.
Thames Trustees, which acted as trustee of the Westminster Pension Scheme, coaxed clients into moving their retirement funds into the scheme, which was set up in December 2012.
Clients were promised they would receive a cash loan of around 50% of their transfer, or commission on the scheme’s investments. Around £3.3m was transferred into the scheme, across 79 members.
However, the Insolvency Service’s investigation found the company did not have any intention to ask clients to repay the loans. Inst…