Pension pair banned

PeNSION savers’ money was ‘recklessly’ invested in eucalyptus farms and hotel rooms on an African island and car parking bays. Stephen Ward and Anthony Salih ran a scheme which transferred investors’ money into exotic, high-risk and suspected scam investments. yesterday they were banned from acting as pension trustees after a probe by The Pensions regulator (TPr). The two men were directors of Dorrixo Alliance Limited, which acted as trustee for the London Quantum pension scheme.

In 2014 and 2015 more than 90 people transferred pensions, worth in excess of £6m, to the scheme.

Hundreds of thousands of pounds were then paid out to Dorrixo. Nicola Parish, of TPr, said: ‘They put millions of pounds of other people’s money at risk and have neither the knowledge nor the skills needed to run a pension scheme.’