CHINA - The general manager of Huaan Fund Management, Han Fanghe, has become the latest high profile figure to be detained as the investigation into the alleged embezzlement of pension fund assets rolls on.
The news comes just three weeks after Chen Liangyu, Shanghai Municipal Committee secretary of the ruling Communist Party of China (CPC), was fired for his alleged involvement in the crime, which saw Shanghai's CNY10bn (US$1.25bn) of pension fund assets embezzled and misused.
Shanghai Mayor Han Zheng was appointed acting secretary of the Shanghai Municipal Committee of the CPC following Liangyu's dismissal.
Zhu Junyi, director of the Shanghai Municipal Bureau of Labour and Social Security, was also removed from his post in August after he allegedly misused city funds, while Qin Yu, deputy secretary of the Shanghai's Baoshan district CPC Committee, was dismissed for his involvement in the allegedmisuse of the social security fund.
Earlier reports said more than 100 investigators were sent from Beijing to Shanghai to probe the corruption case.
"Whoever it is, no matter how high their positions are, anyone who violates party rules or national law will be severely investigated and punished," the committee said in a press release.
According to reports, the scandal highlighted the lack of supervision and transparency in such large public undertakings.
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.