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Pennines, Malvern and Mendip pension investmentschemes

Pennines and Mendip Pension Liberation Scams

Pennines, and Mendip Pension Transfer liberation Fraud Scams

£19m worth of Pensions from 476 people lost though two schemes – Pennines and Mendip.

 

Pennines and Mendip: Hedge Capital Investments Ltd, Hedge Capital Investment Group Plc and Hedge Capital Ltd were introducers or the financial advisers who proposed the schemes Pennines and Mendip as suitable schemes for 476. The end result was that £19m was invested in Pennines and Mendip. That is an average pension pot of about £40K; a considerable life savings that most people would not throw away lightly. They invested in schemes that they were told were reliable and profitable. It turns out they were nothing like this and the investments are now either locked or lost. There will also be considerable tax to be paid as a result of this abuse of pension liberation.

The registration of the schemes:

Pennines Scheme was registered with HMRC on 22 August 2011 as an occupational pension scheme governed by a trust deed dated 23 August 2011 executed with Clarendon Hill Investments Limited which is referred to as “the

Provider” and the Trustees of the Scheme, John Laurence

Woodward and Jennifer Doris Ilett

 

Pennines Scheme was registered with the Regulator on 31 August 2011 as a 9 member defined contribution scheme while the scheme received payments of £3,950,193.78, made up of almost entirely what appear to be transfers in from other pension schemes, of which £3,825,346 (almost 97%) has been transferred out to an entity called “Hedge Capital Investments Limited”

 

Mendip Scheme was registered with HMRC on 9 September 2011 as an occupational pension scheme governed by a trust deed dated 9 September 2011. The Mendip Scheme was registered with the Regulator on 28 September 2011 the Scheme received payments in of £3,280,325.27, made up of almost entirely what appear to be transfers in from other pension schemes, of which £2,965,701.82 (90%) has been transferred to an entity or entities that are referenced in the accounts as “H Capital I” and “Hedge Capital”

 

Malvern Scheme

Malvern Scheme was registered with HMRC on 13 December 2011. The scheme was registered with HMRC being established by Clarendon Hill as “Provider“. Eventually with considerable investigation the Pensions Regulator found serious grounds to believe that the Schemes are being used as vehicles for pension liberation.

 

Pennines and Mendip Schemes have the same sponsoring employer, which is registered as a dormant, non-trading company. Between September 2011 and

January 2012, the Pennines and Mendip Schemes received approximately 140 transfers into the schemes to the value of over £7,000,000.00

 

Some members may be transferring into the Pennines and Mendip Schemes, and possibly the Malvern Scheme, with a view to receiving a lump sum payment or “loan”, calculated as a percentage of the transfer value of their pension “pot”

It also appears that some members who are receiving a “loan” are also paying interest on that loan back to the loan company.

 

Dalriada trustees appointed on the 28th March 2012. They froze the assets of these schemes. They also declared that the expenses of the schemes subsequent to this date would be taken from the scheme assets.

Pension Life work at exposing, preventing and for the main part aiding those that have been affected by these fraudulent schemes. Please make contact.

64 thoughts on “Pennines and Mendip Pension Liberation Scams”

  1. I am one of the 476 innocent members of the hard working public who transferd my Wincanton works pension to Pennines and Mendip.
    My reason was so i could have a loan from them and pay the loan back as well as monthly interest when i reached the age of 55.
    I had no intention of taking money from my pension fund,and that the loan was give on the basis that my pension transfer to them
    was as a garantee that the loan would be paid back in full,at the age of 55.
    My £22,000.00 pension went into the Penines and Mendip scheme and i was told that it would go up or down in value just like any other
    scheme.
    I now have no idea what will happen to my pension and i also recieved a letter off HMRC asking me to pay £6,000.00 back to them.
    Fortunately i wrote back to them and it has been put on hold untill the outcome of the court proceedings.
    My loan was for £7,000.00 and i have been paying back £38.00 per month since 2012.
    Please could you give me any update as to what is going to happen.
    Yours Sincerely.
    Mr G.Jones

      1. Hi – I similarly transferred about £25k into the scheme just days before it was taken over by Dalraida. So I never received the promised loan and there’s no sight of my money.

        I call Dalraida on a regular basis but there’s no concrete news.

        Do you have any advice?

        1. We are in court with Dalriada all next week so will keep you updated once we know the outcome of their application to make claims to have the loans repaid. Did you get a loan? Quite a few people without loans also got tax assessments.

        2. peter mozelewski

          Hi,

          It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

          Kind Regards, Pete Mozelewski

          1. Hi peter I was also scammed in this can you provide me with you information many thanks Paul Seward.

      2. John Charles Haydn-Biag

        Yes the exact thing happened to me
        I am so annoyed
        I want to take my money out now from my pension but these clowns have stopped me .i had around 40k transferred if which I need to start drawing on now

        1. peter mozelewski

          Hi Graham,

          It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

          Kind Regards, Pete Mozelewski

    1. Peter Mozelewski

      Hi Graham,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  2. Stephen Challinor

    I also transferred into this scheme a couple of pension totaling just over £33,000. I have e-mailed Dalrida for an update on this as I have now reached 55 and would like to draw down funds.

    It has been over 5 years since they took over the pension fund with very little activity on this since 2014.

    How long should this take to resolve.

    Do you have any update on this.

    Thanks

    1. Dalriada have been handling Ark for six years now and we are in the High Court with Dalriada on 19th June. Any updates on Pennines should be on the Dalriada website but the last one was April 2016. HMRC are taxing the loans at 55% and the loans may have to be repaid. The Ark court case should have a bearing on that.

    2. peter mozelewski

      Hi Graham,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  3. Our story is like Graham Jones above. My husband and I transferred – wait for it – £109,000 between us in 2011.

    We did receive our loan and for a couple of years we were paying the ‘interest’ back at £58 each per month.

    We smelled a rat from the outset after the loan was received, when Hedge Capital said there was a problem with their bank and they couldnt take direct debit or standing order payments. Instead we had to send cheques or make a card payment over the phone each month.

    When the publicity started, Hedge suddenly ceased calling for payments.

    About a year ago, I received a tax demand, but this was put on hold when I explained my side of the story. My husband to date hasnt received one.

    We would like to know where the balance of our pension fund is, does it still exist, and as we are now both 55, is there any hope that we can access what is left?

    1. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  4. I also transferred £41k from pension scheme into the Pennine and Mendip scheme back in 2011. I received a loan and made three payments. When it was announced publically I took some legal advice and was told that as it want an official credit agreement regulated by the Consume Credit Act and that no credit search was on my file I would not be liable to make any payments back on the loan, or that they would be able to chase me for it.

    Often I receive the odd letter from Hedge Capital regarding payment but that just gets put in the bin.

    There has been no updates lately from Dalarida. The last time I spoke with them they said any fees owed would come out of my pension pot but hopefully there would be something left to be reinvested into my existing company pension.

    I am 44 and trying to make plans for the futures as I was hoping to have accrued a return of 3.5% annually as originally promised.

    Unlike some of the others I didn’t receive anything regarding having to pay tax back from the HMRC but this does concern me as I cant afford to pay it back should this be necessary. Any info you have would be great.

    1. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  5. Hi,

    It looks like I too have possibly been caught up in this fiasco as I invested £2OK into either the Pennines or Mendips schemes.

    It has occurred to me that I have had letters from HRMC which I found confusing ie asking for self assessments etc.I’m not aware of any other letters but will be checking any old mail tonight.

    Like someone mentioned above I stopped the payments to Hedge when they wouldn’t accept a standing order and I certainly wasn’t going to be giving my card details under these circumstances then to honest I did get a few letters which I never followed up then forgot all about them when they stopped.

    Not sure what my next move should be.

    1. You need to check to see if you have got a “protective assessment” from HMRC as this will need appealing as a matter of urgency. They will probably have sent you a demand for your “loan”.

      1. Thanks for your advice.

        Like many others I have obviously been led up the garden path on this,what should I be looking to ask of HMRC at this point,just until I get my head around the whole situation ? I like others cannot afford a large pay back to them at this point.

        Thanks

    2. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  6. Hi, I invested £40k too with a loan of £15k and was paying it back – I made it clear that I needed to be in an above board agreement – but hey you live and learn. I put HMRC on hold – can you advise me too please re next steps.

    Many thanks.

    1. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  7. Like many other suffering people in a pension scam like my self I put 45k in to the fund like many others waiting on word back from dalrida trustees waste of time money lost all ready hmrc on to me saying got loan from hedge wrote back to them and sent bank statements to them got back me case was close

        1. peter mozelewski

          Hi,

          It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

          Kind Regards, Pete Mozelewski

    1. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  8. I invested pension with Mendip and Pennine did not receive any monies, Dalriada are keeping us all in the dark, Contacted FOS to see if they can help, Any new announcements
    As Dalriada seem to have totally ignored us concerning any contact

    1. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  9. Regarding Bev Hatton and Husband.
    Dear Bev.
    My heart goes out to you and your Husband, and how you must be feeling not knowing where your hard earned pension has gone.
    After reading your story to my wife she said that sounds very familiar.
    We to were told that loan repayments could not be taken….identical to yours and we stopped making payments of £38.00.
    As with every one this palaver is going on and on and who is paying for the very long court proceedings.
    I too reach 55 in August and all are plans have gone down the drain.
    One thing is sure…..when if ever this massive SCAM is sough ted out i will not be paying both for a loan and a Tax bill because i DID NOT
    take money from my pension……My pension was used as a guarantee on the loan to be paid back on my early retirement at 55.
    All the best Bev to you your Husband and all the other victims.

  10. David Knowles

    i also have lost 52.000 of my pention through pennines and hedge capital I also have received a tax bill but have received nothing else since i explained i am now 56 and wanted to cash my pention but have being told it doesnt exsist anymore Dalriada arnt very helpfull was to,d i had to provide evidence which i have got do you think we will receive any of our pentions back

    1. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  11. I am one of the unfortunate 476 victims I transferred £36000 from my old occupational scheme and was told that my fund would guarantee my loan was paying £66 per month on a £15840 paid 6 months then took advice and was told not to pay anymore, my monies went to Pennine RBS and the correspondence I was getting regarding outstanding loan interest was from Hedge Capital Ltd, not received anymore chase ups since Feb 2014. Have now received a tax bill for £8900 which is deeply worrying and have reported this scam to the FCA and Action Fraud which I have done. I felt so aggrieved at the thought of paying tax on a scam, when I could potentially loose everything I spoke to HMRC today they asked me for all correspondence along with FCA and Action Fraud, it seems they might be putting my tax demand on hold, I do hope so, I am 59 now no pension and a hefty tax bill. Sooo sorry for everyone in this situation

    1. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

    2. Hi Paul, Please contact me. I am trying to support scheme members to see if I can follow through a compensation angle. Pete

  12. I transferred £60,000 it looks like that has now gone do think we will get anything back . This had dragged on for along time and we are no better off do you have any answers

    1. Any money left has probably been taken by Dalriada Trustees. I doubt you will ever see anything coming back to you. Who advised you to transfer to Pennines/Mendip?

    2. peter mozelewski

      I may get my money back. If anyone wants to contact me please do. I have fought a particular issue myself and now await my funds. I hope to perhaps work with a firm of solicitors to bring a group action for members if my case is a good benchmark and if there is a regulated entity to go for as there was in my case. My e mail is pmozelewski@hotmail.co.uk No promises as there were different schemes.

    3. peter mozelewski

      Hi,

      It may be worth you contacting me. I succeeded in gathering crucial evidence and information regarding this scam. I was an investor. I have succeeded in getting all of my money back and the loan is dead.

      Kind Regards, Pete Mozelewski

  13. Graham Jones.
    Hi all, have been reading all the comments by other members.
    And it seems there is a patturn when it comes to being left in the dark.
    I have had no correspondance what so ever from Dalriada, i have phoned them up
    and got the same old story…..its still in the courts.
    Have KPMG taken over the case.
    Please can any one shed light on this Scam and tell us all where we stand.
    Kind Regards.
    Graham.

  14. peter mozelewski

    Hi,

    Did any of the people messaging here invest via a SIPP. If so please contact me.

    Also regarding KPMG. If you go on there site you will find a bulletin that explains what is happening. As ever the fees are eye watering and funded by the investors funds. Dalriada are not really involved now. They have had there money.

    I am trying to find a way of helping people. To help me to help members it would be helpful to understand the extent of advice for Occupational investors and where that advice came from.

    Kind Regards, Pete

    1. Hi Peter, yes my funds were transferred from a Halifax sipp, I often wondered if I should seek compensation from them as the funds were transferred without due diligence.

      1. When was your pension transferred from the Halifax SIPPS? There is a time limit for claiming from the Pensions Ombudsman into a scam scheme. You might also have a claim on the Fraud Compensation Fund for recovery of your losses.

  15. Frank Barbato

    Hello I transferred £68k in this I never took a loan out but did receive a £3k payment for joining, I had a tax demand as they thought I took the full amount of money as a loan. That is now on hold. When will all this be settled as I haven’t had any information fro the trustees. Do you have any information for me. Could you tell me where the money has gone

  16. william Stockton

    I Lost £36,000 through what is no more than theft ! have Hedge, Penine Mendip or whoever ran the scam been arrested ? assets seized etc ! getting information is near impossible ! Dalriada don’t tell us anything at all maybe announce something every couple of years

    1. Hi William, I’m pretty much in the same boat as you and same funds, I read that the pension protection fund and the the fraud compensation fund are now involved but Dalriada are heel draggers, this is now hitting 10 years this case, I’m 5 years past my pension age and nothing, it’s grim, I’ve just emailed Peter Mozelewski direct to find out what he’s been doing, it might be worth talking to him.

  17. Hi i had my 54k pension transferred into hedge capitol/pennine scam by a financial advisor , as with other victims i kept up monthly payments untill hedge refused to take payments ,they nor dalriada could tell me where to make payments into ? I’ve had the hmrc letter and also been put on hold , this whole situation is a black cloud hanging over my head since 2012 , now 2020 still nothing ? any advice would be gratefully received

    1. Hi Graham,

      Please get in touch. I am pulling together a claim for compensation. I know w huge amount about all of this with plenty of evidence. Please e mail pmozelewski@hotmail.co.uk Perhaps I can get your money back for you. Kind Regards, Peter

    1. Hi Graham, I am helping investors in this scheme. I got compensation. Please contact e and we can get some dialogue underway.

  18. Anyone who invested in Hedge Capital Investments Ltd and lost their money should contact me. I am pulling together a class action to try and get compensation. I have plenty of evidence and information to pursue claims. Please e mail pmozelewski@hotmail.co.uk to make initial contact. Kind Regards, Peter

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