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.”
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Two men were sentenced to jail after luring 16 victims into transferring nearly £1m of their pensions into a non-existent occupational scheme in an "elaborate" liberation scam.
Graham Vidler has stepped down from his position as director of external affairs at the Pensions and Lifetime Savings Association (PLSA) after four years in the role.