Incartus Investment Pension Scheme – in the hands of Dalriada Trustees

IncartusIncartus Investment Pension Scheme has been placed in the hands of Dalriada Trustees by the Pensions Regulator.We’ve seen some horrendous pension and investment scams, but until Dalriada completes the investigation into this scheme, we won’t know how bad this one is.

When I first published my blog on Incartus, the scheme’s solicitors, CANTER LEVIN & BERK, wrote to me and asked me to publish a retraction.  But I have never received any reply to my questions below.

We’ve seen some horrendous pension and investment scams these past few years. Billions of pounds’ worth of hard-earned pensions and savings lost to greedy, dishonest, malicious fraudsters who see their victims and their pensions/investments as “easy” targets.

While we believe it is in the public interest to publish the scams and the scammers – both past and present – to warn, educate and inform existing and potential victims – we do want to avoid unfairly labelling an individual, firm or scheme as a scam just because it exhibits some or all of the classic tell-tale signs of being a scam.

Incartus Investments and Bluefin Trustees, along with their solicitors Canter Levin & Berg, have asked that we remove a post from our website which featured Incartus and stated:

“Incartus Investments Pension Scheme 2 is administered by AFM Administrators in Whitstable, Kent. The Scheme promise to provide long-term growth with a forecasted average yield of 8% per annum and is registered with HMRC as an “occupational” scheme. The Trustees of the scheme are Bluefin Trustees whose address is the same as AFM Administrators – the sponsoring employer.”

Bluefin Trustees have also written to us and claimed we (Pension Life) know nothing about the scheme or its investments, and stated they have nothing to hide and that they welcome any questions about their scheme. We have therefore asked the following questions and will publish the responses as soon as they are available. Please note, we have also asked for a schedule of the investments and the commissions/charges. We have also asked for evidence of FCA regulation.


I will address the points raised both in your letter of 14.9.2016 and also in the letter from James Collard of Bluefin Trustees of the same date. I have numbered each point for ease of reference.

Firstly, it may be helpful to outline what the principal characteristics of a pension scam are and how the long list of the ones we are dealing with all exhibit some or all of these characteristics. These schemes include Ark, Capita Oak, Westminster, Regent, Henley and many more.


  • Scheme registered as an occupational scheme although the sponsoring employer does not employ any of the members and does not trade or employ anybody (or in the case of some schemes doesn’t even exist at all)
  • Illiquid, speculative, high-risk, unregulated assets – often UCIS – which are neither suitable for retail investors nor for a pension scheme
  • Substantial commissions paid by the investments (e.g. Store First paid out 46% in commission to the scammers)
  • No SIP
  • No segregated accounts
  • Promoted by cold calling
  • Victims told the scheme is “HMRC approved”
  • Exorbitant fees
  • Promise of 8% “guaranteed” growth/returns
  • Availability of loans

Obviously, I would not wish for a genuine, compliant, regulated, bona fide occupational pension scheme to be wrongly seen to have any of the hallmarks of a scam and will happily work with you to address this and compose an appropriate apology/retraction which is agreeable to all parties.

Best, Angie


  1. My assistant Nikki immediately removed the post in question from our website as requested. It will not be re-posted until I have exhausted my enquiries into Incartus.
  2. Kindly confirm your objection to the statement that Incartus Investments Pension Scheme 2 is administered by AFM Administrators in Whitstable, Kent.
  3. Kindly confirm your objection to the statement that the scheme promises long-term growth of 8% and is HMRC registered as an occupational scheme.


In order to address the issues raised in this letter, and demonstrate that we have made every effort to carry out detailed research into the scheme, please provide the following:

  1. The latest audited accounts of the scheme
  2. A copy of the HMRC audit
  3. Explanation of why Incartus is offering both pensions and personal loans
  4. Proof that all the Incartus members are genuinely employed by the sponsoring employer
  5. Explanation as to why AFM Administrators and Bluefin have the same address as each other and as a very large number of other companies at what appears to be a bungalow in a residential street
  6. Evidence that Incartus Investments are regulated by the FCA for investments and not just consumer credit

19 thoughts on “Incartus Investment Pension Scheme – in the hands of Dalriada Trustees”

  1. I was told someone would contact me about my pension with Incartus was told it went into liquidation and that I would be contacted about what was going to happen if I get my pension back please help I really need the money back

  2. Jonathan crews

    Hi from Jonathan
    I’m in the same position
    And I’ve had no response whatsoever
    I’m afraid I have lost all my money for my pension . Why is this compeny not having legal action taken against them

  3. I also got a call from an American man saying it was a bad investment and dalrida had taken over and I would be updated. I haven’t. Is the government. Pension wise able to help

  4. I was with incartus and every time I phone dariada up they say that incartus have only paid 6 million back out of 21 million that was over a year ago now they say they that cant work out what people r owed until money is paid back in was supposed to get a lump sum on my 55 th birthday I’m now 56 I all so need my pension back

  5. I have just got off the phone to Dariada and no new news whatsoever. I told them I have no confidence in them. I asked for a time scale of when this issue would be resolved got no answer. I don’t think I’m going to get a lot of my money back. I think this is taking too much time to sort out

  6. Jonathan Cerws

    I am going to contact them again tomorrow. In some ways I think lm going to get the same answers. If I get any new news I’ll let you know
    I think legal action needs to be taken against Incartus
    Does anyone else think so

  7. Got in contact with Dariada the Bristol branch this time said they would get back to me they did not
    What are they playing at, I don’t think they are doing anything. they are dragging this out to make money for them and not doing what they should be doing (looking after are pension pot) They are useless and I am thinking of reporting them to the Pension Ombudsman

    1. Hi Jonathan .I am in the same boat .I contacted incartus/Dalradia to cash in my pension pot to be given the devastating news .think I’m going to contact a financial advisor and i am not going to give in .keep in touch

  8. Very difficult to get any kind of straight answers from Dariada , unless your termly ill your not going to get anything out of them, its all a sad state of affairs.hope i live long enough to get something back, one thing that could make some waves.would be a action group to push for better communication and answers, at the moment we are very much alone.

    1. Jonathan Crews

      I feel that Dariada only have their best interests and not us, they are looking at this to make as much money out of it as they can, I have heard in some cases they take up to 60% of the money that they get back from your pension. this post will probably get taken down as I think that Dariada and Incartus are scamming us

      1. We invested our pension circa 2010 not knowing what it was other than it was putting all our different pension pots, in one place. Our 55ths have come and gone and still unable to access any funds at all. I recently contacted daraida and they just said exactly the same as the 2020 report. No payment from incartus prior covid, yet they sit doing nothing, whilst incartus still purchasing property and oil companies in USA. I asked how can they buy when they currently owe 13 million, and they said ‘I know it’s awful” I was so angry and demanded action should be taken. I was advised ‘Sean’ who oversees our pensions would ring us that afternoon, still waiting…

    1. Have you tried asking Dalriada for an update? You might have a valid claim on the Fraud Compensation Fund which could help you to get your money back.

    1. Have you tried asking Dalriada Trustees for any updates? You may have a valid compensation claim from the Fraud Compensation Fund.

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