On the go: The Pensions Ombudsman has required the trustees of Henry Davison Limited Pension Scheme to repay £2.4m back into the scheme.
Fourteen complaints were made that the trustees have: misrepresented the scheme; mismanaged the funds; issued fabricated benefit statements; and that the funds that transferred into the scheme have been lost.
The Ombudsman, Anthony Arter, said the trustees, Mr Anthony Davison and Mrs Penny Davison, had committed multiple breaches of trust.
“Their actions also amount to pure maladministration. For example, there was a failure to produce statements and a lack of attention in respect of the fees, charges and commission structure,” he said. “The trustees acted incompetently in assessing and addressing various conflicts points. Lengthy proceedings were necessary in order to investigate and determine Mr L’s and the additional applicants’ cases.”
The Ombudsman is also sending a copy of the determination to the Pensions Regulator, so that it can consider whether or not to appoint an independent trustee to the Scheme.
