A scheme with an identity crisis: Pi Consulting (Trustee Services) v the Pensions Regulator

This case attracted a lot of media attention in the context of pension liberation, following the appointment by the Pensions Regulator of Pi Consulting (Trustee Services) as independent trustee of a pension scheme called 5G Futures Pension and of Dalriada Trustees to eight other pension schemes.

The case is not, however, about pension liberation, although the judgment should bring a measure of legal comfort to those trustees of schemes who might be being asked by their members to transfer funds to suspected pension liberation vehicles.

Pension schemes can be categorised in various ways, including as to whether a scheme is an occupational pension scheme or a personal pension scheme. From their governing documents, the schemes at issue here were suffering from something of an identity crisis, as it was not clear which type of scheme they were…

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