Pensions - Articles - tPR bans trustees for involvement in pension scams


The Pensions Regulator has banned two individuals and a trustee company from acting as pension trustees, following a pension scams investigation.

 The regulator’s determinations panel (‘the panel’) prohibited David Fellowes, Francine Becker and a company they controlled, Avalon Pension Trustees Limited, from acting as trustees of trust schemes in general. Mr Fellowes and Ms Becker had acted as trustees of nine pension schemes investigated by the regulator in relation to pension scams activity.
  
 The panel also appointed independent trustee company Dalriada to take control of the schemes and ensure that they were being administered properly.
  
 The reasons for the panel’s decision are set out in a determination notice published today.
  
 Andrew Warwick-Thompson, executive director responsible for the regulator’s work to disrupt pension scams, said:
 “This case illustrated a number of hallmarks of pension scams including cold-calling, excessive fees, high-risk investments based overseas and incorrect statements to members as to the tax consequences of transferring to the scheme.
  
 “If you’re cold-called or texted by people claiming to be able to help you to cash in your pension as a loan or lump-sum, it’s almost certain to be a scam. You could lose all your money and may also face significant tax charges.”
  
 He added: “We’re working with the pensions industry, Government, other regulators and the police to disrupt pension scams. We’re taking action in the courts to shut down scam schemes, and in the regulator’s determinations panel to appoint independent trustees to make sure schemes are run legitimately.”
  
 In addition to the determination notice relating to the nine schemes formerly run by Mr Fellowes and Ms Becker, the regulator has today published three notices covering a further 15 scam pension schemes. In all of the cases, the panel appointed an independent trustee to administer the schemes.

Back to Index


Similar News to this Story

Further comments on DWP Small Pots Consolidation report
Broadstone, Hymans Robertson, Scottish Widows and Now Pensions comment on the DWP announcement on consolidating small pension pots
Pensions over taxation bill continues to climb
Brits reclaimed £44 million in overtaxation on pension withdrawals in January, February and March 2025, the latest HMRC figures reveal. Over 15,000 re
Responses to DWPs Small Pots Delivery Group report
Standard Life, LCP and Aegon comment on the DWPs Small Pots Delivery Group report with proposed legislative programme outlined in meaning that pots wo

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.