Swansea council acted unlawfully when transferring £20m from a pension fund to a bank account, according to a Wales Audit Office report.
The council changed bank accounts in March 2012 and as it wasn’t allowed to switch account with an overdraft, it transferred the money from the pension fund. The money was paid back to the pension fund in September last year, together with more than £200,000 in interest from the £20m.
However, the money was moved without the knowledge of the pension trustees or the council’s chief financial officer. The council said the transaction was not illegal and that its officials had acted in good faith.
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