UPDATE: Pension fraud case adjourned to 31 January

Proceedings against the head of a charity and trustee of its pension scheme have been adjourned until 31 January, The Pensions Regulator (TPR) has confirmed.

The case against former Yateley Industries for the Disabled chief executive and chairman, Patrick McLarry, 71, was originally scheduled to take place on 13 December, but instead was adjourned at Salisbury Crown Court, for ‘legal reasons’.

Despite initially pleading not guilty to the charges, McLarry admitted to defrauding the scheme and subsequently changed his plea to guilty in November. However, today, (17 January) Winchester Crown Court, Judge Andrew Barnett dismissed an application from McLarry to change his plea to not guilty and warned him he faces a substantial custodial sentence for what is “a very serious matter”. McLarry was then remanded in custody.

McLarry took the funds from the pension scheme of Yateley Industries for the Disabled and used it to buy homes in France and Hampshire for himself and his wife, as well as paying off a personal debt.

The prosecution was brought about by TPR, which was seeking a confiscation order to force McLarry to give back all the funds he took from the scheme.

At the time of committing the fraud, McLarry was both the chief executive and chairman of the charity and a director of VerdePlanet Limited, the corporate trustee of the charity’s pension scheme.

The investigation found that, prior to VerdePlanet being appointed as the trustee, the corporate trustee amended the scheme’s definitive deed which meant the scheme was unable to pursue McLarry for the funds he withdrew.

Between March 2012 and February 2013, he transferred £256,127 from the charity scheme into bank accounts he controlled.

    Share Story:

Recent Stories

Climate Investing
Laura Blows speaks to Aled Jones, Head of Sustainable Investing for Europe at FTSE Russell, and Adam Matthews, Director of Ethics and Engagement for the Church of England Pensions Board, about the role of climate investing within a pension fund portfolio.

Managing volatility
In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead

De-risking options for pension schemes
In this latest Pensions Age podcast, Linklaters' Sarah Parkin talks to Laura Blows about the wide range of choice available to pensions schemes for the partial, or full, removal of their risks

Risk transfer opportunities
Laura Blows speaks to Lisa Purdy, Head of Fiduciary Distribution at Legal & General Investment Management and Gavin Smith, Pricing and Execution Director - UK PRT at Legal & General, about the impact of the recent market volatility on the bulk annuity and risk transfer market and the potential opportunities for the future

Bulk annuities during coronavirus
Laura Blows speaks to Just business development manager Prash Mehta about the impact of coronavirus on transactions