- Trustees jointly and severally liable for losses to the scheme (Mr L and others, PO-7292)
- Original news
- What were the facts?
- What was the Pension Ombudsman’s decision?
- The Tivian Investment
- Fees and commission under the AMA with Tivan
- Loans made from the Scheme’s assets
- Investment in Kirkpatrick Fiscal Limited
- Quarterly statements issued to members
- Consultancy and invoices
- Other points
- What is the impact of this determination?
Pensions analysis: In the Pensions Ombudsman determination of PO-7292 and others, the Ombudsman examined a complaint in which fourteen complainants who were members of a money purchase scheme brought multiple claims of breach of trust and maladministration against the occupational pension scheme’s trustees. The essence of the complaints was that the trustees had misrepresented the Scheme, mismanaged the funds, issued fabricated benefit statements and allowed funds transferred into the Scheme to be lost. Wyn Derbyshire of gunnercooke LLP looks at the decision.
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