UK - The pensions ombudsman has taken the unprecedented step of outsourcing casework to junior barristers, IPN's sister publication, Professional Pensions can reveal.
Trainee barristers at Wilberforce Chambers have been hired by the ombudsman, David Laverick, to bolster his team of case workers and alleviate the backlog of cases at his office.
It is hoped that once the backlog has been dealt with, the ombudsman should be able to process every complaint within six months.
Linklaters pensions litigation lawyer Mark Blyth branded the move a “crisis management exercise” and stressed that it would “suck up” the ombudsman’s legal expenses budget for the year.
Eversheds head of pensions Giles Orton added: “The odd thing is that the ombudsman is trying not to be legalistic.
“If you go to people who are technically very good lawyers but not experts in pensions you are getting a legalistic decision but not a practical one.”
A looming court decision on gender equalisation of pension schemes could hit FTSE 100 profits by up to £15bn, Lane Clark and Peacock (LCP) says.
Dutch custodian KAS Bank has created a fintech solution to help schemes save on costs and improve transparency of currency hedging strategies.
ITM has announced it has acquired Faraday Tracing Bureau (FTB) for an undisclosed sum.
Stena Line UK Group has chosen not-for-profit master trust Ensign to be its main defined contribution (DC) pension provider for the majority of its employees.