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"Just an alternative route for people who cannot go to a bank because of bad credit."

Precisely the sort of people who have most to lose when it all goes teets up and who need protecting by tighter FSA regulations "These schemes can be an expensive way to free up extra cash and will affect your income for the rest of your life."

Were it not a scam reputable companies would be offering it, not back-street loan sharks hiding behind anonymous mickey-mouse looking websites.

Blah blah blah. Was it back street sharks who sold PPI, endowments or the like?

The banks won't help these people and IFA's are just out to line their own pockets with trail commission.

Its not regulated because it is too new.

^ Yeah. I give it less than six months untill the loophole gets closed and all these firms get shut down and start hunting for another scam which is 'too new to regulate.'

Today I recevied a letter from Dalriada Trustees - the following pension schemes have been transfered to their control with immediate effect

Brownberrie Pension Scheme
Bucephalus Pension Scheme
Cranborne Star Pension Scheme
DGK Pension Scheme
LJK Ventures Pension Scheme
PPF Management Scheme
Queensbury DF Pension Scheme
Tallton Place Pension Scheme
The Lancaster Pension Scheme
The Portman Pension Scheme
The RJS Pension Scheme
Woodcroft House Pension Scheme

As someone who took out a pension loan (and was starting to pay it back!) I am concerned - but these things happen - I needed the momey and I am now in a financially better position to pay it back.

If anyone wants to contact me - I am starting up a forum for people who are members of these schemes - or others like it - the more information we can gather together the better.

Just let me know.....

John

John who did you go through to get your pension loan?

Ark Business Consulting LLP ......

Forum is at http://pensioninfo.servtec.co.uk - not much there at the moment, (boards are register only)

I do have a feeling that Mr HMRC may be wishing to chat with me at some point in the future :(

So essentially you've ruined your retirement because a scam artist dangled a carrot in front of your face offering you easy credit and you were silly enough to take it...

Not really ruined my retirement, I only put in about 25% of my retirement fund - and since I get regular bonuses from work, making up the loss wont be such a big issue for me.

[***] happens and people get taken in - some people have more chance to get out of it than others, my exposure in this is less than I pay in tax in a year.

hey john. sorry to hear about that. it looks like you took a pension reciprication plan? =[ shame. i nearly got brought into one of those! you should always check that the companies you deal with are all in the uk and registered. there are other types of pension loans ive looked into that offer this that dont actually touch your pension! i should have looked at these sooner too lol. i do feel sorry for you and maybe you can help stop these pension reciprciation plans? if i can help ill try x

Chloe,

Its one of these things, you always think your never going to get caught out - but invariably at some point in your life you will.

This company was actually in the UK (Wakefield) - and all the Pension checks I did came back with nothing of real note - but then again - I got bitten.

I am just waiting to hear from Dalradia Trustees as to whats happened - they dont really have all the information at the moment.

john

Dalriada Have written to all the scheme members .....

Their Faq: http://www.dalriadatrustees.co.uk/ark/

My Site http://pensioninfo.servtec.co.uk

"may you live in interesting times"

Oh well .....

I don't understand, did you go through a pension loan? Could you summarize this? Are they basically saying you've been scammed?

'Dalriada’s role as Independent Trustee is to manage the schemes in the best interests of their members.  If any member feels that they were wrongly advised to transfer into a scheme then Dalriada cannot assist with this complaint.

You should immediately contact the firm that provided the advice.'

The sh*t's about to hit the fan now! Firms like Chewin's and Spicer's Pensionbackedloans and Simon Stanborough's Pensionlending.co.uk are about to get what's coming to them... I'll get the popcorn.

'Q Will I have to pay back any money I have received under an MPVA?

If the Court decides that MPVAs are “void” we will be required to seek repayment of the money. The objective would be to put the schemes back to the position they would have been in if the void transactions had never taken place, so far as possible.

Members who have received an MPVA payment should now arrange their financial affairs on the basis that they may be required to repay all of the money they have received.'

So, all those who went for this pension loan scam may have to end up paying back the money AND lose a large chunk of their pension due to the high introducers fees (the introducers being those with mickey mouse websites spewing this pension loan nonsense.)

You all need to take a rest, put your feet up. Relax buddy. These are UK based companies.

Everything will be fine - there's no danger dealing with a UK based firm.

Even if you have to pay half the value of your pension fund back it's no big deal. What's that? You've already spent the money? Oh... well I'm sure they won't chase you for the cash you owe them, or sell the debt on to a number of debt collections companies. That wouldn't be cool. This is the UK, it just doesn't happen.

Relax guys, put your feet up, take a rest.

You all need to take a rest, put your feet up. Relax buddy. These are UK based companies.

Everything will be fine - there's no danger dealing with a UK based firm.

Even if you have to pay half the value of your pension fund back it's no big deal. What's that? You've already spent the money? Oh... well I'm sure they won't chase you for the cash you owe them, or sell the debt on to a number of debt collections companies. That wouldn't be cool. This is the UK, it just doesn't happen.

Relax guys, put your feet up, take a rest.

Saddam Hussein?? I thought you were dead?

You needed some sarcasm tags in there or something because all you've done is made yourself look like a psychotic pillock. Who are you even talking to? Who's your buddy?

This PRP scheme was a lifesaver for me and my family. If you read into it properly, the interest gained from the investment side will more than cover off the reciprocation given and still leave plenty of funds for pensionable age. Granted, I was scepticle about such a scheme, however my home was about to be reposessed and after some research this scheme seemed more than viable. After speaking to my introducer of this scheme I was reassured, wasn't charged any set up fees and any costs for the set up of this scheme were taken from my investment which was a mere 5%. What's the problem??? The 'so-called' risk has more than outweighed the problem of me losing my house, in fact, I was able to settle my mortgage! If you're that concerned, transfer to a SIPP because these Dalriada 'so-called' trustees that are supposedly looking out for the members seem to be clueless!

Lifesaver, perhaps you should read this -

'The regulator also warned of tax charges. A 70% unauthorised payment charge can be levied by HM Revenue and Customs (HMRC) on anyone who accesses pension money, either via a loan or ‘other ways outside of the normal allowed methods’.

http://citywire.co.uk/new-model-adviser/fsa-w ... schemes/a499078