UK - Trustees of the Cheney Pension Scheme have been granted continued funding from the Pensions Compensation Board for a further six months.
The decision was made in the board’s latest review of the scheme, which is struggling to meet the pensions of members after sums in excess of £2.9m were removed under “improper” circumstances.
The value of scheme assets was estimated to be around £70,000 at the date of the application, compared with liabilities in the order of £3.1m.
The scheme’s OPRA-appointed trustee has kept the board informed about the progress it has made on a six-monthly basis at formal meetings.
Payments made to the Cheney Pension Scheme to date total £412,000.
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