Officials from the Occupational Pension Regulatory Authority (OPRA) have been criticised in a report from the Department for Work and Pensions (DWP) for their handling of the theft of almost £3m from an occupational pension scheme.
The Hosker Report, an inquiry into the theft of the C.W. Cheney and Son pension fund has blamed the lack of communication from a number of OPRA officials for the ease in which five men were able to steal £2,918,915 from the pension fund by using puppet trustees. In the report was a list of recommendations on how to improve the communication process along with an increase in powers in relation to trustees, including a minimum number per scheme and the ability to suspend or dismiss a trustee if required. But as OPRA no longer exists, being replaced by The Pensions Regulator in April this ye...
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