Swansea Council "unlawfully" transferred £20m from its pension scheme to balance its books when changing banks, according to the Wales Audit Office.
The auditor said council officers transferred the cash from the City and County of Swansea Pension Fund in April 2012 and the money was fully repaid in August. The council said this had been necessary...
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.