Keydata advice threatens livelihood of 120 factory staff

Leeds-based IFA firm Lampott advised Micro Metalsmiths' pension trustees to invest half the company's final salary scheme in Keydata bonds. Micro's 120 staff face redundancy if the £2m is not recovered, the Daily Mail reports. Keydata ceased paying the promised 7% income in February. This year Micro has had to siphon £160,000 from its everyday operations to keep its pension fund, from which 50 retired workers are drawing pensions, afloat. Until 2004, the company, founded in the Sixties, ran a final salary pension scheme for employees. In 2007, the pot was valued at £5.25m. ...