The Government in the United Kingdom has made substantial compensation payments to the victims of pension fund scandals even though superannuation is not compulsory.
Two notable examples are the compensation payments made to the victims of:
- The fraud involving Robert Maxwell the employees’ pension funds of the Mirror Newspaper Group, and
- The Equitable Life Pension “Mis-Pricing” Scandal
Equitable Life Pension “Mis-Pricing Scandal
The Equitable Life Pension Scandal was the result of negligence and not fraud. The management of Equitable Life failed to properly provision for the legal obligations to make payment on certain “guaranteed” pension products sold to self-employed professional and business people.
This tab updated on 28 March 2015