Standard Life victims take legal advice

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Trustees of schemes hit by the drop in value of Standard Life's Pension Sterling fund have approached their legal advisers after member complaints.

Around 97,000 investors were affected when the life and pensions firm wrote off 5% of the £2.4bn fund - around £100m - due to investments in asset backed securities. Sacker & Partners partner Katherine Dandy told Professional Pensions a number of schemes have asked the firm to review the situation because "the trustees have had complaints from members". She says: "We have not formed any final views at the moment because all these schemes are different." Dandy also stressed the firm's role was "very much at a preliminary stage". Wragge & Co also says schemes are worried: "We certainly ...

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