UK - Courts have been given increased powers to recover pension scheme funds that are proceeds of crime.
A new provision to the Proceeds of Crime Act allows police to start civil proceedings to recover money in a pension scheme gained through illegal means.
Sacker and Partners solicitor Peter Murphy said the amendment applied to white collar crimes where the proceeds are put into a pension scheme for money laundering purposes.
But he admitted: “I can’t imagine a drug baron getting his windfall and then putting it into a personal pension – I just don’t think that is how they operate.”
Mercer Human Resource Consulting partner Matthew Demwell wondered whether the industry could argue that fixing terms for contracting-out of Serps and then imposing ACT was almost a form of white-collar theft.
He added: “I wonder whether anyone will try putting in a claim against the Chancellor of the Exchequer for embezzling pension schemes.”
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.