Tag Archives: Premier Pension Solutions

CAPITA OAK UPDATE AND INFORMATION REQUIRED

For the benefit of all 300 odd members of Capita Oak, here is an email that was sent today to Downs & Co, the accountants acting on behalf of Christopher Payne, the director of the trustees Imperial.  This email has been circulated to many Capita Oak members and other interested parties such as the police and the BBC who are preparing a documentary on the subject.

Hopefully it will not be too late to blow the whistle on this situation and rescue the members’ funds: http://www.pension-life.com/#!whistle/c13e7

Admittedly, the contents of this email raises more questions than it answers, but it does at least go some way to establishing how many members there are, how much in total was transferred and who the various parties were who received money from the transfers.  What it does not yet establish is what the 10.14 million paid to Metis Law is now actually worth and how (or if) it can be recovered.

Dear Mr. Downs (info@downsandco.co.uk)

Referring to our earlier correspondence, will you kindly ask your client Mr. Christopher Payne the following questions:

1. A total of 10,810,301.57 was transferred in to Capita Oak from approximately 300 members and a total of 10,666,066.14 was paid out.  This should leave a balance of 144,235.43 and confirmation is required that this is indeed the amount remaining in cash.

2. A total of 82,911.31 was paid out in “PCLS” payments and confirmation is required as to what these payments were and who authorised them.

3. The following “PCLS” payments were made and confirmation is needed as to who these people were and why these payments were made, upon whose authority:

-5,054.24 J Whyte
-8,854.53 G Rose
-21,875.72 W Daniels
-5,758.99 Mr Clemson
-5,286.32 Mr. Charlesworth
-17,231.51 Pamela Holt
-18,850.00 A Levitt

4. A total of 441,751.85 was paid to TKE Admin (of which Mr. Payne was a director).  This was paid to TKE on 27 different dates between 12.11.2012 and 5.7.2013.  Please explain what these payments were for and who authorised them.

5. Premier Pension Transfers were apparently handling the transfers but there is no record of any payment to them for their services.  How were they remunerated and why were two administration companies involved and who appointed them?

6. A total of 10,140,598.27 was remitted to Metis Law between 11.20.2012 and 7.5.2013.  Confirmation is required that Capita Oak now holds 10,140,598.27 worth of assets and exactly what income these assets are supposed to generate and whether they are unencumbered.  Further we need evidence of title to these assets and a full explanation as to who authorised 100% of Capita Oak’s assets to be placed in illiquid property with very little liquidity remaining for transfers out.

7. An explanation as to how and by whom the Thurlestone “loans” were transacted, administered and recorded.

There will of course be numerous further questions which your client Mr. Payne will be required to answer, including why he has not contacted me or answered my calls.  As I am sure you appreciate, as former and current director of Imperial Trustees, Mr. Payne is liable for any risks to Capita Oak and responsible for the members’ interests, investments and any non-compliant transactions linked to the pension, such as the Thurlestone loans of 5% of the value of the transfers.

In the case of Ark, professional independent trustees were appointed by the Pensions Regulator and the majority of the assets were eventually recovered.  However, this is not the case for the Capita Oak victims – who are extremely distressed – and therefore we are all relying on the full cooperation and disclosure by you and your client Mr. Payne.

Your early response will be much appreciated.  As I am sure you will be fully aware, this situation is being closely monitored by the police and the BBC, as well as the members and if you or your client Mr. Payne are unable to answer any of the above questions you must refer me to any other connected party who is in a position to do so.  You will see that this email is copied to the Police, Store First and Metis Law.

Regards, Angela Brooks – Chairman, Ark Class Action

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