AUSTRALIA - Rocco Ferrantino, the promoter of a superannuation rollover scheme from the Gold Coast in Queensland, has been committed to stand trial on 25 charges laid by the Australian Securities and Investments Commission (ASIC).
ASIC alleges that between February 1998 and May 2001, Ferrantino made false or misleading statements to induce people and the administrators and trustees of various superannuation funds to rollover preserved benefits into 1st State Superannuation, a super fund connected to 1st State Home Loans.
Under Commonwealth legislation, the preserved component of superannuation cannot be accessed by a superannuant until retirement after the age of 55 and/or when certain other limited criteria prescribed by the legislation are met.
The criminal charges against Ferrantino follow earlier civil action taken by ASIC.
Ferrantino appeared in the Southport Magistrates Court where he was remanded, on conditional bail, to appear before the Brisbane District Court on a future date.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.