For quite a long time pipes firm supervisor Murray Menzies paid into a benefits plot for his laborers when it was not obligatory. Be that as it may, a progression of complex changes to the law mean the 71-year-old is presently being sought after for a tremendous “annuity obligation” to cover a deficiency in the mutual reserve he utilized.
It started with a telephone call from the man at the annuity support. Murray Menzies owed them cash. £1,198,300 to be exact.
“I thought he was kidding,” reviews the semi-resigned handyman from Inverness. “After a short time, when I understood he was by and large very genuine, I just figured it can’t be – it can’t in any way, shape or form be.”
Mr Menzies, whose case was as of late featured by The Herald paper, has no chance to get of paying the cash – selling his home and all that he claims would just cover a small amount of his “obligation” to the annuity support.
What understands foul play more keen is that his solitary wrongdoing was attempting to be a decent business.
We were the heroes – paying for an annuity when it wasn’t law
In 1975, when he offered his little group of handymen a work environment annuity, there was no legitimate commitment to do as such.
His bunch of laborers were joined to the Edinburgh-based Plumbing Pensions conspire, one of only a handful not many plans in the UK to be multi-business, which means it could be gotten to by various, detached, bosses and their workers.
For a long time, Mr Menzies paid a month to month managers’ commitment, ordinarily about £1,000. At that point, four years prior, he chose to resign.
“I don’t utilize anyone any longer. I was extremely cheerful in 2015 when I composed my last annuity check,” he said.
“I thought ‘incredible, something else off the beaten path’ Then out of the blue I got this letter saying I had activated Section 75. I had no clue what they were discussing.”
He’s not the only one. Exactly 560 managers over the UK who joined the Plumbing Pensions plan are confronting comparative liabilities, a considerable lot of them previous entrepreneurs who have no methods for paying it off.
“We were the heroes – paying for a benefits when it wasn’t law,” says Mr Menzies. “Discussion about something returning and gnawing you on the bum.”