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Pension Firm GP Noble Comes Under The Spotlight

As the pension industry continues to try and come to terms with the massive increase in funding requirements of the last few years we have seen the Pensions Regulator use its emergency powers for the first time to suspend Pension Trustees Company GP Noble from a number of schemes. The execution of the emergency powers was both swift and came as a surprise to many in the industry.

As a consequence of the investigation by the Pensions Regulator, police have arrested three men in connection with alleged irregularities with a number of pension schemes which were due to be revalued over the coming weeks. While no more details were given it seems as though these schemes were part of insolvent groups with the Pension Protection Fund obligated to pick up the cost of any shortfall between the funding requirements and current valuations of the schemes.

The three men arrested were released without charge although enquiries are continuing into the situation with an update expected in due course.

This is just the latest piece of bad news to hit the pension sector at a time when trust is evaporating and more pension schemes than ever before are set to move to underfunded positions. While the Pensions Regulator has acted swiftly in this situation it seems that they may be called into action more and more as the situation in the sector continues to worsen.

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