Taylor Wessing advises Independent Trustee Services Limited on largest compensation payment to a pension scheme

Taylor Wessing advises Independent Trustee Services Limited (ITS) in securing payment of £2,376,754 from the Pensions Compensation Board (PCB) to the Cheney Pension Scheme.  This is the largest payment ever made by the PCB.

ITS was appointed trustee in October 2000 by the Occupational Pensions Regulatory Authority (OPRA), since when Taylor Wessing has advised ITS on recovering scheme assets which had been invested in inappropriate ways.  Approximately £1.3m has been recovered as a result of court actions, the sale of assets purchased by the former trustees and settlements reached with third parties.  In addition to the £2.3m final settlement, the PCB has paid a total of £509,000 in the past four years to ensure members of the scheme continue to receive their pensions.

Nick Moser, partner in the Reconstruction and Corporate Recovery group, led the TW team which lawyers from the litigation, pensions, real estate and insolvency groups, including Neil Smith, Carolyn Saunders, Mark Smith (pensions), David Greig (litigation and dispute resolution), Alison Goldthorp and Claire Martin-Royle (reconstruction and corporate recovery).