Tag: Axiom UPT

  • BSPS – Pension Dilemma for Steel Workers

    Pension life advises British steel workers to consider their pension options careful so they don't get scammed. BSPS pension decision to avoid fraud and listen to Henry Tapper (The Pension Ploughman), Al Rush, Darren Cooke

    The BSPS dilemma for steelworkers is clearly difficult with very little time to consider options and make a wise decision which will affect them for the rest of their lives.

    There’s a whole team of willing voluntary professional advisers trying to provide some guidance to help people avoid making the wrong decision.  This team includes eminent pensions experts including Henry Tapper (The Pension Ploughman), Al Rush, Darren Cooke and many more.

    I’d like to contribute to this excellent initiative to help the scheme members – but I can’t advise how to do things right; I can only advise how not to do things wrong.

    Henry Tapper, Al Rush and Darren Cooke – plus other qualified, licensed advisers generously giving their time to help the BSPS members – will give sound guidance as to the right decision to make.  The Pensions Advisory Service will also help.

    Here are some pointers from me – someone who represents hundreds of victims of pensions scams and has seen all the tricks, lies, false promises and smoke/mirrors in the pension scamming business.

    1. Check that a proper adviser is licensed – in other words: regulated.  You can check this out on the FCA register.  Here is an example: check out Darren Cooke’s firm, Red Circle.  You will see that his firm is regulated (or licensed by the FCA – Financial Conduct Authority) to carry out personal pension and stakeholder pension advice.  Remember, unregulated means SNAKE OIL SALESMAN.  And beware the “introducer” – which is another word for snake oil salesman.  If you find the so-called adviser is not regulated – run like hell!
    2. Beware “free” financial advice.  Go to Tesco and ask if they have any free milk.  Go to the Post Office and ask if there are any free stamps.  Go to an accountant and ask if he will do your accounts for free.  Go to your local car dealer and ask if there are any free cars.  There ain’t no such thing as free.  Everything has to be paid for – but make sure that all the charges, fees, commissions etc., are openly declared.  If someone promises you free financial advice – run like hell!
    3. Run a mile from “get rich quick” investment schemes.  Your pension has to be invested in boring, safe, traditional assets which will grow steadily and safely.  If you are offered something exciting and sexy – like eucalyptus plantations; car parks; football betting; overseas property “opportunities” and truffle trees – run like hell.  If you are told that your pension will get “guaranteed returns” of 8%, 10% or 12% – run like hell!
    4. If you are told you can have some cash out of your pension other than your 25% tax free at age 55 – or the rest at the marginal tax rate – run like hell!
    5. If you are cold called – run like hell!

    Remember, you are a sitting duck – and it is open season.  Also remember, the good guys like Henry Tapper, Darren Cooke and Al Rush – as well as all the other decent, honourable, ethical advisers who are volunteering their time free to help you avoid the scammers – can give you some invaluable, generic guidance.  But someone who is offering to transfer your pension into another scheme is giving you advice.

    So what is the difference between actual advice and general guidance?  Let us take the example of a medical practitioner: you know a doctor – say a GP –  at your local tennis club.  You are concerned about your health in general and the fact that you are putting on weight and get breathless going upstairs.  The doctor might suggest – as in suggest – that you consider going on a diet and taking some exercise, but that you also consult your GP.  That is an informal and friendly (as well as well-meaning and common sense) suggestion.  But it does not constitute formal advice.  A specialist would look for deeper issues such as blood pressure, signs of diabetes and any other underlying conditions to be investigated – and would prescribe specific treatment.

    If all else fails, drop me an email and I will try to help: angiebrooks@pension-life.com – but meanwhile, please buy some good running shoes!

    Meanwhile, take a look at just a few of the schemes for which Pension Life is representing groups of victims who have lost their life savings to the same – or very similar – scammers who will inevitably be targeting you now:

    Ark

    Axiom UPT

    Blackmore Global

    Capita Oak

    Continental Wealth

    Fast Pensions

    KJK Investments and G Loans

    London Quantum

    Park First

    Salmon Enterprises

    Trafalgar Multi-Asset Fund

    Westminster

     

     

     

     

     

  • SCAMS AND SCANDALS SYMPOSIUM – TRANSPARENCY TASK FORCE 15.11.17

    SCAMS AND SCANDALS SYMPOSIUM – TRANSPARENCY TASK FORCE 15.11.17

     

    Scams, scandals and creepy crawlies
    IT IS A SCANDAL THAT THE WOLVES, VULTURES, SCORPIONS AND BLOOD-SUCKERS OF THE FINANCIAL SERVICES WORLD STILL FLOURISH

    SCAMS AND SCANDALS SYMPOSIUM – PART OF THE TRANSPARENCY TASK FORCE: WEDNESDAY 15TH NOVEMBER AT THE OFFICES OF IG GROUP, 12.30 TO 5PM

    Pension and investment scams and scandals are a blight on financial services and saving for retirement.  The energetic and inspired campaign by Darren Cooke of Red Circle successfully raised awareness of the problems of cold calling.  But the snap general election scuppered serious traction on this and the most the government has achieved so far is to make a vague promise to talk about talking about it.  But still it is not illegal, and still the scammers are scamming away merrily.

    Andy Agathangelou, Chair of the Transparency Task Force
    Chair of The Transparency Task Force

    The Scams and Scandals team was formed as a result of inspiration by the Transparency Task Force’s Andy Agathangelou.  It has attracted a group of like-minded professionals who believe passionately that a concerted effort should go into coordinating a zero-tolerance approach to scams and scandals.  All members of the team are committed to producing a White Paper which can focus the minds of government ministers, regulators and law enforcement agencies on the whole problem – not just the cold calling bit.

    CWM "advisers" acted as sharks

    Irrespective of which version of which political party we are talking about, the ultimate object of a successful and fulfilled life is to be happy, healthy and solvent.  And this includes getting a decent education, leading a responsible and law-abiding life, and saving for a comfortable retirement.  Millions of British citizens manage to achieve this goal, but sadly many thousands of them lose part of all of their retirement savings to the armies of scammers.

    Pension Life has been dealing with dozens of different scams in different jurisdictions by an army of repeat scammers since 2013.  These include Trafalgar Multi-Asset Fund scam operated by XXXX XXXX and facilitated by STM Fidecs in Gibraltar; Continental Wealth Management pension investment scam (with much of the transfer advice provided by “sister” company Premier Pension Solutions run by Stephen Ward); Blackmore Global run by Nunn and McCreesh (who ran the cold calling and lead generation for Capita Oak and Henley); Fast Pensions run by Peter and Sara Moat in collaboration with Bridgebank Capital; Premier New Earth Recycling Fund; Park First – part of Group First (along with Store First); Windsor Pensions and the Danica QROPS liberation scam; London Quantum and Stephen Ward’s Dorrixo Alliance; Holborn Assets in Dubai; Ark (Lancaster, Portman, Cranborne Star, Woodcroft House, Tallton Place, Grosvenor); Toby Whittaker’s Store First; Elysian Biofuels liberation scheme; Axiom UPT; Capita Oak; 5G Futures; Guardian Wealth Management; Square Mile Financial Services; https://pension-life.com/incartus-investment-pension-scheme-in-the-hands-of-dalriada-trustees/Incartus Investment Pension Scheme; KJK Investments and G Loans; Westminster pension scam run by XXXX XXXX; Salmon Enterprises – run by James Lau; Pennines, Malvern and Mendip liberation scams; Henley pension scam run by XXXX XXXX; Evergreen QROPS and Marazion loans; Bespoke Pension Services.

    James Hadley, one of the many pension scammers ruining thousands of victims' lives
    XXXX XXXX, one of the many pension scammers ruining thousands of victims’ lives

    All these scams and scammers have caused thousands of victims to lose hundreds of millions of pounds’ worth of retirement savings.  And caused untold misery – in many cases exacerbated by HMRC punishing the victims rather than the perpetrators.

    The Scams and Scandals Team has a clear five-point goal:

     

    1. Ban UK cold calling and fraudulent calling

    We must not let this disappear off the agenda and must keep up pressure on MPs and Ministers – as well as the regulators.  But this must also be extended to overseas as we already know that the UK-based cold calling outfits have made arrangements to move their operations or merely facilitate re-routing of phone numbers.  However, the twilight industry of “introducing” must also be examined as this is a serious source of scam facilitation.

     

    1. Support Lesley Titcomb “Scammers are Criminals”
    Lesley Titcomb - head of the Pensions Regulator
    Ms Titcomb has publicly declared scammers to be criminals

    We must work with the regulators, government and law enforcement agencies to enhance existing and introduce new regulation and legislation to prevent new scams, close down known existing scams and bring those involved in conceiving, operating and promoting both to account.

     

    1. Revitalise Scorpion Campaign

    Fundamental to preventing scams is communication to the public of the dangers of cold calls and pension/investment scams which would include the Scorpion Campaign – but so much more as well.  A key part of this exercise is the use of social media and the plan to produce a documentary and Youtube channel giving real-life examples of past and current scams. Explaining the mechanics of a scam is one thing – but showing an actual example of a victim and the scammer is bound to have even greater impact.

     

    1. Write off HMRC debt where scams are proven
    EDWARD TROUP HMRC PENSIONS LIBERATION ACCOMPLIACE
    HMRC celebrating the tax they collect from victims of pension liberation fraud

    We need the help of the government here and could do with an actuary to help us work out what the cost to the State is of taxing victims of scams.  If we can demonstrate that by ruining a scam victim (who has already probably lost part or all of his pension) with the tax charge, the long-term cost of supporting the victim and his family will far outstrip the tax collected.  This is especially well demonstrated in the Ark case where the victims have got to both repay the “loans” and pay the 55% tax even if the loans are repaid.

     

    1. Ensure AML regs include pension scamming
    Store First saw over a thousand pension scam victims lose £120 million
    TOBY WHITTAKER’S TOXIC EMPIRE WILL FINALLY BE HUFFED AND PUFFED AWAY

    I would widen this to include investment scams.  This is because at the heart of every pension scam there is a fraudulent investment (and/or loan).  The actual pension itself is harmless as it is essentially just a box with a label on it and only becomes toxic and dangerous once you put the scorpions, snakes and cockroaches inside it.  You could equally put fluffy kittens in it.  It is the mis-use of the pension “box” which is the scam.

     

  • Axiom UPT Pension Loan Scam Tax Demands

    HMRC are now sending out the tax demands (protected assessments) to victims of the Axiom UPT Pension Loan Scam.  And we are busy appealing them.

    I have tried to contact Rex Ashcroft of Wealth Protection International to ask him what he intends to do to help the victims who were introduced to this scam by him, but he doesn’t answer the phone and doesn’t return my calls.

    I have also emailed him and some of the other parties involved in this scam and we will see whether any of them get back to me.  This is how Rex Ashcroft described the liberation mechanism to the victims:

    John Vermunt has passed your details to me to provide you with the information you need to understand and proceed with accessing the value of your pension.

    This email introduces you to a device called an Umbrella Pension Trust into which your existing pension is transferred, so that pension rules which are outside the scope of the business and commercial model that the day to day providers of pensions use, can be taken advantage of to restructure the way in which the assets within your pension pot are used, invested and managed in the future.

    In short, you and the Umbrella Pension Trust’s Trustees are able to make and take decisions about how to use the money in your pot that is no longer subject to the restrictions and penalties imposed by pension regulations applying to the pension in its present format.

    This mechanism has been in use now for nearly 20 years in one form or another and has until comparatively recently been reserved for the use of people with pension pots of a value in excess of £250,000 which is the reason why so many accountants and financial advisers have never heard of this way of restructuring pensions; the other reason of course is that 99% of the time financial advisers and the like simply need to provide a tax advantageous savings plan which enables their clients to salt away money that will generate an income for them when they retire, so sophisticated ways of handling such savings plans (pensions) like the umbrella pension trust are simply not required or within the scope of their day to day activities.

    As with all financial transactions, the restructuring has to be done by appropriately qualified and regulated individuals but at the end of the day you must be aware that your pension remains a pension – you are not “cashing in”, “selling” or “borrowing against” your pension, you are simply executing transactions with your pension pot using a different set of rules.  The umbrella pension trust is most definitely NOT a so-called Pension Liberation Scheme.

    Your pension pot, under your control, continues to be maintained as a tax-free investment vehicle but the difference is that such investments are not restricted in any way as they are at the moment; a loan is an investment of course so if your pension lends you some money this is not income and therefore not taxable as income, so using this useful fact you can obtain “lifestyle support” from your pension by having cash in hand via loans to yourself.

    Such loans are simply renewed at the end of their term and the original borrowed sum plus the interest that has accrued to it over the term of the loan are recreated as a new loan, and so on until you die.  If your estate is valuable to the extent of being liable to inheritance tax then such accumulated loans can be used to reduce your estate value and thus the inheritance tax that might be due.  The Trust “sequesters” or takes asset value from your estate in repayment of the debt you have created and this passes that asset value into the protection of the trust for the tax-free use of your beneficiaries; so they do not inherit asset value that then causes them a tax problem, instead they have the use of the asset you would otherwise have bequeathed to them completely tax free through the trust.  If there is insufficient value in your estate to repay all the debt you have created then because English Law states that debt cannot be inherited the trustees simply write the debt off.

    The Trustees of the Umbrella  Pension Trust need to be outside the UK so they have the advantage of the necessary tax exemptions and Bay Trust in Belize is used, a firm that I have coincidentally personally used for a number of years now, they are friendly and efficient even if they are 5 hours behind us and have much better weather than we do!

     

    We will try to jolly things along for you as best we can but because so many different stages of the process rely on so many different people it is most times impossible to actually give an answer to “how is my pension restructuring progressing”.

    The fact will be though that it is indeed progressing and will take as long as it needs to take in order for it to be right within the law.

    As I have already mentioned above somewhere, because restructuring in this way maintains your pension as a pension this exercise cannot be argued to be a so-called “pension liberation scheme” and nor does it attract a 55% tax bill by creating what is known as an “unauthorised payment”, so if you talk to anyone about what you are doing please do not be put off by negative comments like “that is rubbish you cannot cash in your pension before you are 55”, simply say that you are NOT cashing in your pension, say that your pension remains a pension and its asset value remains intact (which it does because a loan is an asset of the pension) and that you can restructure your pension in this way at any age so long as you are no longer making contributions to that pension.

    OK, that’s it.  If you have any questions the please call or email me.

    Rex Ashcroft

    Director

    Wealth Protection International Limited and Tax Strategies Website and Spanish Inheritance Tax Website

    Umbrella Remuneration Trust Website and Umbrella Pension Trust Website

    Direct:          +44 1263 821906      Mobile:         +44 7834 393899    

    London:        +44 2081 446677      Manchester: +44 1614 080920