13 threesixty Pensions Ombudsman decision on Focus Administration Pension Scheme After an extensive investigation, the Deputy Pensions Ombudsman has ordered Simon Williams to repay over £730,000 into the Focus scheme. After an extensive investigation carried out by the Pensions Dishonesty Unit, the Deputy Pensions Ombudsman has upheld complaints against the Trustees of the Focus Group Administration. Simon Williams, a FIDE Chess Grandmaster, has been ordered to repay over £730,000 into the scheme. The Scheme was established in March 2013, with Mr Simon Williams as sole trustee and Mr Glenn House, sole director of Brambles Administration Limited, as the administrator. Mr Williams was the sole director and shareholder of Focus Administration Limited, the Scheme’s sponsoring employer. From August 2016, Focus was appointed as sole trustee by Mr Williams. Approximately 11 members transferred a total of approximately £830,000 of pension benefits into the Scheme which was then generally invested in companies that: had only been incorporated a short while before the investments were made; had been trading at a loss; and/or were companies in which one or more of Mr Williams’ associates had an interest. Many of the underlying property assets or development projects were geographically concentrated around Liverpool and Northern England. One of the investments involved the purchase of office pods and was structured on paper to result in a capital gain payment for the member. However, this was a sophisticated pension liberation scheme which involved back-to-back property transactions, not registered with the Land Registry, and the capital gain payment was paid from the member’s pension fund. The Deputy Pensions Ombudsman upheld the complaints, finding that Mr Williams and Focus had committed multiple breaches of trust and, alongside Brambles, many acts of maladministration, which have caused the loss of Scheme funds and have severely impacted Scheme members’ pensions. Mr Williams has been directed to repay £738,768.60 into the Scheme; and Mr Williams and Brambles to pay each applicant £6,000 in recognition of the distress and inconvenience. All firms Check that affected clients (or their children) have made a choice over what to do with the funds contained within the Child Trust Fund as more suitable options may be available if the funds are to remain invested. New tool launched to help parents and carers teach children about money A new tool launched by the Money and Pensions Service (MaPS), ‘Talk Learn Do’, will help parents and carers teach children about money. Talk, Learn, Do is a digital tool that provides parents and carers with the skills and confidence to talk to their children about money. It also shows why it’s important to teach good financial habits from an early age. It breaks down important topics into fun activities and bitesized information, such as pocket money, saving and shopping trips. Talking openly about money helps children build healthy financial habits for later in life, but MaPS’ research shows that only a third of parents (31%) are likely to talk to their children if they find themselves in difficulty. It can also help parents improve their own financial wellbeing. Studies evaluating an earlier version of Talk, Learn, Do have shown that some parents who completed the activity were prompted to take steps to improve their own financial situation. MaPS says learning about money can help children and young people to develop the skills, knowledge and attitudes they need to manage money well later in life, which is key to strengthening financial wellbeing and resilience across the UK. In addition, Talk, Learn, Do is another important step towards MaPS’ target of two million more children receiving a meaningful financial education by 2030, which is set out in its UK Strategy for Financial Wellbeing.
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