Millions of pounds taken from nine defrauded pension schemes were transferred to two shell companies before being disseminated to a multitude of "risky" investments, a court heard yesterday.
Schemes and trustees could be faced with conflicts when dealing with bankrupt members after the Raithatha v Williams verdict, lawyers warn.
The Pensions Ombudsman has ruled against a complainant who argued part of his pension should be classified as DC in order to protect it from Pension Protection Fund reductions.
Trustees of the Jerome Group Pension Fund have begun proceedings to recover almost £3m from the administrators of Glasgow Rangers FC.
NORWAY - EDB ErgoGroup ASA has agreed to costs totalling some NOK9m ($1.7m) per year to settle a pension dispute with employee unions over its decision to transfer some staffers from a defined benefit to a defined contribution plan.
IRELAND - Registered Administrators (RAs) must improve their record keeping if they are to avoid on-the-spot fines, the Pensions Board has warned.