UK - Members of the defunct Restawile Upholstery final salary scheme have been told they will not receive anything from the Pension Compensation Board.
The board has told members and the scheme’s independent trustee, Alexander Forbes, it has found no evidence that “fraud or dishonesty” took place at the scheme where funds have disappeared.
Alexander Forbes is now urging members to take the case to the pensions ombudsman.
Alexander Forbes director Andrew Bakewell said: “The PCB route was never a forgone conclusion.
“We never had high hopes of the PCB, and even if successful it was never going to be substantial in correcting the underfunding of the scheme.”
The claim to the pensions ombudsman will call into question the original trustees’ duty of good faith and the advice given by the scheme actuary, Santhouse Whittington.
Alexander Forbes’s own investigation into the case is restricted by the lack of cash in the Restawile fund, which would be used to pay the independent trustee’s fees.
When Alexander Forbes was appointed as independent trustee by KPMG to wind up the scheme, it found there was no money in the fund, despite scheme accounts showing funding levels of between £30,000 and £40,000.
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.