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 secretary of state for work and pensions has told MPs clawback and avoidance measures could be imposed for the people responsible for driving Carillion over the cliff.
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.