Pension scheme loses £1.5m Scottish Widows advice case

Trustees at timber manufacturer and haulage company WTL - which has been undergoing Pension Protection Fund assessment since July 2008 - alleged scheme actuary Eric Edwards had a potential conflict of interest when in 1999 he told them to switch from a deferred annuity contract to a management fund contract. The pursuers claimed the fund suffered a loss of up to £1.5m as a result of Edwards' failure to: give an impartial and balanced assessment of the advantages and disadvantages of the switch; advise them on the value and importance of the guarantees in the DAC, and; gi...