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NORTH EDITION
Your English Newspaper
Issue 771
Hundreds evacuated in Cumbre blaze
roundtownnews.com
25 - 31 JULY 2014
EMERGENCY FIRE plans were put into effect on Wednesday afternoon as flames swept across parts of the huge coastal Cumbre del Sol urbanisation at Benitachell. Turn to page 3.
Pension victims fight back FAMILIES FACING financial ruin after a private pension ‘unlocking’ scheme was outlawed by a High Court judge have begun a battle for justice after allegations they were “conned”. by Jack Troughton
Mini moors
Ready for the parade
TWO YOUNG members of a ‘fila’ are ready for the start of the colourful parade of the Moors and Christians through Javea Port on Saturday evening. Thousands lined the streets to applaud the parade of Moors, Christian, and Pirates wearing an impressive array of costumes. Read the full story on page 5.
SPANISH MEMBERS of the Ark Pensions Class Action met in Javea on Tuesday evening, UK members of the group gathered in London yesterday (Thursday) to discuss a campaign to restore their fortunes. “Someone has to be held responsible to get people back to where they were before they entered these agreements,” said Angie Brooks, chairman of the action group. Speaking at the Parador Hotel, she added: “There is not a simple answer and it is going to be a big and bloody fight.” Hundreds of people invested nearly £30 million in Ark – transferring pension pots into six schemes it ran promised they could legally receive 50% of their savings before the age of 55 and without facing the wrath of the Taxman. Intended to exploit a loophole, 486 people entered the scheme that sidestepped the law by allowing people half their pot through a system of making reciprocal loans of equal value with a member of However, independent watchdog,
the Pensions Regulator appointed its own trustee, Dalriada Trustees, to administer the Ark schemes in May 2011 and that December in the High Court ruled the loans were “unauthorised payments” and a “fraud on the power of investment” – not a criminal act but meant Ark was acting outside its legal powers. HOUNDED As a result the 486 are being hounded by HM Revenue and Customs for tax on the loans even if they did not receive them, while Dalriada is pressing for the cash to be repaid. And in another twist to the story, a similar number of people were persuaded to enter second scheme – an alleged stable mate of Ark, touted in the wake the scheme being closed down. Pensions were transferred into a New Zealand company Evergreen, and loans were received from a Cyprusbased company Marazion. This scheme has since been suspended and the Pensions Regulator and the taxman were investigating. Continued on page 3