A Luton man is to file a complaint with the Pensions Ombudsman as he continues to fight for the return of his missing retirement fund.
On this date a year ago Shane Shircore’s £44,000 pension pot was transferred into the London Quantum Retirement Benefit Scheme.
However soon after the Pensions Regulator began to look into claims of irregular practices at London Quantum.
On June 18 Dalriada were appointed as trustees of the scheme– to assess whether it was a vehicle for pension liberation.
This practice occurs when customers are charged excessive fees to gain early access to their cash and the rest is sunk into risky investments.
Dalriada has said that it will do what it can to recover customers’ funds if London Quantum “was used for pension liberation and/or was just a scam”.
As a result of the appointment Mr Shircore’s fund was frozen and remains inaccessible more than six months on.
Mr Shircore, 59, told the Luton News: “Dalriada have not told me what has happened to my money and it is now a year on.
“To tell me that the investigation is ‘ongoing’ is not a solution, it is passing the buck.
“I don’t even know if my money is there or not, this could just go on and on.”
A Dalriada spokesman told the Luton News: “As we continue with our investigations into this scheme following our appointment by the Pension Regulator in June 2015, we have kept Mr Shircore informed of our progress through a detailed formal response to him under the scheme complaints procedure, an announcement to all members and in phone calls with him.
“Our experience with appointments such as this is that progress can take some time and we do understand members frustrations.”
He added: “We are working with the scheme’s legal advisors to find solutions that will allow us to confirm the value of members’ benefits as early as we possibly can.”