UK - Scottish Widows has claimed it has had no contact with the company accusing it of giving negligent advice to around a hundred final salary pension schemes.
It said it had also alerted industry bodies including the Pensions Regulator and the Financial Services Authority to its concerns.
The claims relate to advice allegedly given to schemes by Scottish Widows actuaries to switch out of with profits guaranteed deferred annuity funds into the Scottish Widows Managed Fund.
ARC said, as a result, affected schemes had lost value estimated to be over £300m, but claimed full restitution could be £1bn.
Roger MacNicol, ARC director, said: "The primary job of the pensions actuary is to understand liabilities and ensure that assets are invested to best match these liabilities. In these cases appropriately invested pension schemes were recommended to give up investments which yielded around 7% per annum guaranteed in favour of equity based investment which would have had to have grown by around 10% per annum to break even.
"In fact they have produced around 3.5% per annum from 1999 to May 2008."
However, a spokeswoman for Scottish Widows said, to its knowledge, it was not in receipt, and had had no advance notification, of the claims, and so it was difficult to make any substantive comment.
She said: "We are only aware of one complaint ever being lodged from a company pension scheme relating to a similar issue to the one described in the article and we are not able to comment on specific cases."
MacNichol said it had been in ongoing dialogue with Scottish Widows in relation that case, and had written to the company about the other schemes late last week.
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