Dissolved firm leaves 229 people with £14m missing pension pot

The company showed a 'lack of transparency', The Insolvency Service said.

More than 200 people may have lost savings totalling £14m invested in two "high risk" pension schemes, said receivers.

Ecroignard Trustees Limited, based in Preston, Lancashire was dissolved on Monday following an investigation by the Insolvency Service.

Its ex-director Roger Bessent, 66, was jailed in March for pocketing more than £295,000 from a separate scheme.

The Insolvency Service began an investigation following complaints.

Scott Crighton, Chief Investigator for the Insolvency Service, said: "When people invest their pension funds as a way of planning for their futures, they don't expect their saving pots to be put at risk.

"Ecroignard's management of the pension schemes, however, raised considerable red flags and questions remain which will need to be looked into by the Official Receiver."

The service said Ecroignard acted as the trustee of two pension schemes - The Uniway Systems Retirement Benefits Scheme and the Genwick Retirement Benefits Scheme - with around 229 members and worth £14m.

Ecroignard traded "with a lack of commercial integrity" with the pension funds invested in four "high risk" long term investments with illiquid assets that could not be easily turned into cash.

Members were never told of proposed changes to their investments or given an opportunity to choose how their funds should be invested.

The company failed to keep and preserve adequate books and records.

"This has meant that it is unclear to investigators whether all investments are accounted for nor can they gain a comprehensive picture of members' contributions and what payments were from Ecroignard's bank accounts," said the Insolvency Service.

A spokesman it is not known what happened to the money once it was invested in four "vehicles" and he added the official receiver will be looking at what happened to the money.

The company showed a "lack of transparency" and it is unclear who has been responsible for its management since Bessent resigned as a director in April 2017 even though the accountant from Lytham St Annes was signing company cheques until October 2018.