US - Trustees of the Cleveland Sheet Metal Workers Local 33 Pension Plan have been ordered to return US$625,000 to the scheme and pay a $125,000 fine by the US Department of Labor.
Bradford P. Campbell, assistant secretary, Employee Benefits Security Administration, said: "Hardworking men and women relied in the plan trustees to protect their union-sponsored pension benefits.
"Our legal action puts in place necessary reforms to protect the plan and its assets in the future," Campbell concluded.
The five trustees allowed investment manager Capital Consultants to use the plan's assets to make loans which breached limits imposed on the scheme and permitted more than 10% of the holdings with Capital Consultants to be placed with a single borrower, again in violation of guidelines.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.