FREE!
NORTH EDITION
Your English Newspaper
roundtownnews.com
Issue 762
23-29 MAY 2014
Government “targeted” Ark pensions by Jack Troughton THE DISASTER of a pension unlocking scheme was triggered by the authorities making “an example” of a company allowing investors early access to their pension pots. People who transferred existing pensions into Ark Business Consulting were promised a “no risk” and tax free scheme which allowed them to draw down half of their private pension value through a system of loans. However, since a High Court Judge ruled the scheme unlawful in 2011, the investors are said to be “emotionally and financially crippled” as they are hounded to repay the cash advances and face huge tax bills. The Ark Pensions Class Action representing 486 victims in the UK and Spain and sources close the design and marketing of the Ark in Britain agreed this week that the state had made an example of Ark – sending a warning shot across the bows of other similar schemes promising pension liberation before the minimum age of 55. RTN was told the Pension Regulator, its appointment of new trustees Dalriada, and HM Revenue and Customs, had subjected the scheme to “a monu-
mental stitch up” to make an example of Ark. And Angie Brooks, who heads the class action group, said there were other companies offering people early access to pensions. “The authorities made an example of Ark. It was splashed all over the press and internet – the government made an example of it.” Ark ran six pension schemes and allowed a member half their pot by making reciprocal loans of equal value between the companies, the remainder to be invested - a system known as Maximising Pension Value Arrangements (MPVA) or Pension Reciprocation Payments (PRP). Mr Justice Bean described the loans as “unauthorised payments” and “beyond the scope of the powers” of the trustees, and a “fraud on the power of investment”. He explained the “time-honoured” phrase was misleading to the layman but did not mean dishonesty but a financial entity acting beyond its powers. And he said of Ark: “The MPVA loans were beyond the scope of their powers, and made for an ulterior purpose. The fact that everyone involved in the transactions wished to validate MPVA loans does not prevent the loans from being a fraud on the trustees’ powers.” Continued on page 3
Saint honoured
A STATUE of the Virgen de los Desamparados arrived by boat in Moraira to mark the 75th anniversary of her arrival in the coastal community. A cheering crowd – many in traditional dress – threw rose petals as the patron saint of the helpless and abandoned was paraded to the parish church for a special mass.