Pensions Ombudsman orders rogue trustees to repay £12.6mn
- On January 4, 2023
- By GrowthInvest Marketing
The Pensions Ombudsman has ordered a trio of pension scheme trustees to repay £12.6mn, after it found “multiple breaches of trust and many acts of maladministration”, which caused the loss of funds and impacted members’ pensions.
The case was brought by Dalriada Trustees, which was appointed by the Pensions Regulator as independent trustee of the Optimum Retirement Benefit Plan in 2018, and an individual complaint by a scheme member.
The scheme, established in 2015, had initially Gordon Craig as its sole trustee and Optimum Financial Solutions Limited – of which he was a 60 per cent shareholder – as the administrator. Martin Kelly and Gerard Reilly were appointed as scheme trustees in 2017.
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