Pension scams have been a very clear and present danger since large-scale pension liberation fraud was unleashed on British pension holders on A day. Victims lose a life time of savings and face onerous unauthorised payment tax charges of up to 55% by HMRC. The latest one to come to our attention is a pension liberation scam involving two companies: KJK Investments and G Loans.
G Loans received loans from KJK Investments Ltd. The interest on the loans was accrued so G loans were never able to pay back the loans. The 209 pension holders were awarded loans from G Loans while their pension funds were used to purchase shares in KJK Investments. These shares were purportedly estimated to grow at 6%.
As loans to G Loans had their interest accrued, G Loans were unable to repay the loans. This meant the shares in KJK Investments did not grow by the estimated 6%. There were 209 pension holders who invested a total £11.9m in KJK Investments shares with the hope of 6% investment gain. They also liberated some of their pension under what they were told was a legitimate pension liberation. Furthermore because of the non-commercial nature of the loans, as well as the high fees and commissions paid there was never any possibility of regaining the pension funds which were initially invested.
This was a scam from start to finish and has now been wound up by the High Court. Furthermore the 209 pension holders who liberated funds from their pensions are now facing up to 55% unauthorised payment tax charges.
Pension-life.com is helping some of these victims and appealing the tax liabilities, as well as preparing to take action against the negligent parties.
These are the significant share holders of the KJK Investments Ltd. It is yet to be revealed if these significant shareholders released their pensions to buy shares.
|Top 20 Shareholders||Ownership (%)|
|Hd Sipp Re K. Stilwell||1.02%|
|Hd Sipp Re B. Edgar||1.31%|
|Guardian Sipp Re Susan Mason||1.08%|
|Guardian Sipp Re R. Martin||1.64%|
|Guardian Sipp Re Nigel Bastick||2.01%|
|Guardian Sipp Re K. Walsh||1.79%|
|Guardian Sipp Re Donna Mcconville||0.97%|
|C&p Sipp Re Webster||1.68%|
|C&p Sipp Re Taylor||1.59%|
|C&p Sipp Re S.j. Rennie||2.16%|
|C&p Sipp Re S. Varghese||0.94%|
|C&p Sipp Re Rennie||1.14%|
|C&p Sipp Re R.w. Rowland||1.45%|
|C&p Sipp Re Lonergan||0.98%|
|C&p Sipp Re J.n. Poots||0.99%|
|C&p Sipp Re Gill||2.44%|
|C&p Sipp Re Flahavan||1.50%|
|C&p Sipp Re D.r. Groudsell||1.22%|
|C&p Sipp Re D. Banks||1.74%|