Chartwell Trustee Pension Solutions Ltd (Chartwell) was a pension company incorporated in Kent on 14 December 2007. The company was the sole trustee of the Pinnacle Pension Scheme and has now been ordered into liquidation by The High Court after it was found to have abused investors’ pension savings.
After the Insolvency Service received complaints regarding Chartwell’s activities they investigated into their accounts and files. They found:
- In most cases, with great difficulty customers found it extremely challenging to contact the company. Customers received very little information from the company and were not issued with annual reports which would have provided them with details of their invested funds.
- The company had entrusted members pension funds worth £4.8 million. The company told its members they could expect an 8% return into their pensions. Members were also told that their pensions were invested in ‘storage products’. However the Insolvency Service was provided with inadequate records which failed to provide investigators with a complete explanation for the application of the funds it received.
- Investigators were unable to obtain any clear view of how the company operated.
On Wednesday 6 June 2018 The Court wound up Chartwell Trustee Pension Solutions Ltd. Investigator Supervisor Irshard Mohammed said:
‘Those behind companies such as Chartwell should be aware that the Insolvency Service will not tolerate such abuses of the corporate regime. It is telling that this situation appears to have arisen from telephone cold-calling.
Members of the public should be most wary when approached with investment proposals or proposals on how to manage their pension, through unsolicited telephone calls.’
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.