Oh Dear ™ This will end in tears

[DimPrawn]

http://www.guardian.co.uk/business/2...ension-schemes

Local authorities across Britain are believed to be borrowing hundreds of millions of pounds from staff pension schemes in order to boost returns on their own cash deposits - without sharing the full interest with the pension fund.

Unions want this investment practice, which is outlawed in the private sector, to be banned immediately. They have suggested that councils' investment strategies may already be illegal.

The Local Government Association insisted that councils were acting within the regulations. "The law requires councils to invest their pension fund money properly and prudently, and that is what they do," it said.


Best stick it all in the highest paying accounts. Might I suggest Iceland, no I mean Ireland, no ....

[bogeyman]

Nah! What could possibly go wrong?

[thunderlizard]

It'll end in tax, not tears.

[Menelaus]

I did a gig at The Pensions Regulator in Brighton and they were absolutely terrified of another Maxwell happening on their watch. Odd to see that it's happening under their noses and in the public sector!

[BlackenedBiker]

I did a gig at The Pensions Regulator in Brighton and they were absolutely terrified of another Maxwell happening on their watch. Odd to see that it's happening under their noses and in the public sector!

<fx>Blows snot bubble in disbelief</fx>

What has that QUANGO been doing for the past 15 years.

1: Holidaying in Barbados
2: Being Mythical
3: Hiding

[Menelaus]

<fx>Blows snot bubble in disbelief</fx>

What has that QUANGO been doing for the past 15 years.

1: Holidaying in Barbados
2: Being Mythical
3: Hiding

Why do you think I left after three weeks?

FWIW, one of the duties of TPR is the protection of the Pensions Protection Fund - it's another tripartite regulatory environment, comprising:

TPR
PPF
DWP

aka Yet-Another-Cluster-****-By-The-Politicians

[Pondlife]

Someone's been reading Investing other peoples pensions by Robert Maxwell

[BlackenedBiker]

Someone's been reading Investing other peoples pensions by Robert Maxwell

His second publication was far better.

I think it was called

"10 easy steps to non-slip yachting"

Apparently it made quiet a splash

[Cyberman]

This has to be on a par with using company funds within an offset mortgage !!

[Shimano105]

http://www.guardian.co.uk/business/2...ension-schemes

Local authorities across Britain are believed to be borrowing hundreds of millions of pounds from staff pension schemes in order to boost returns on their own cash deposits - without sharing the full interest with the pension fund.

Devil in the detail there...