Pension funds lose case against Henderson

The investors, which include the BBC, BAE, BUPA and Tesco schemes, claimed the acquisition by the fund of construction firm John Laing, and the way this deal was structured, was unauthorised. They claim the fund promised to invest in low-risk PFI or public private partnership concession companies to deliver inflation linked returns. After using the majority of its assets to purchase John Laing, a PFI specialist with a large pension deficit and some non-PFI assets including a holding in Chiltern Railways, the fund saw two thirds of its value wiped out in 2007-08. The £1bn acquisitio...