Pensions - Articles - Details of fraudsters despicable theft from disabled charity

The full story of a former charity boss who stole from a disabled charity’s pension scheme to fund his own lifestyle has been published today by The Pensions Regulator (TPR).

 The regulatory intervention report (RIR) shows how Patrick McLarry, the chief executive of Yateley Industries for the Disabled, used pension scheme funds to buy properties in the UK and France and invest in an antiques business owned by his wife.

 On 10 February 2020, McLarry, 72, from Bere Alston, Devon, was sentenced to five years in prison and disqualified from being a company director for eight years.

 TPR then began confiscation proceedings under the Proceeds of Crime Act 2002 to recover the money he had misappropriated in the fraud.

 On 4 September 2020, he was ordered to pay £286,852 back to the scheme, to compensate members for the sums he stole, adjusted to account for inflation.

 In February 2021, he was stripped of his MBE after TPR gave evidence to the Honours Committee.

 Nicola Parish, TPR’s Executive Director of Frontline Regulation, said: “Today’s report is a lesson to all would-be pension fraudsters. TPR is at the ready to use our powers to bring criminals like Patrick McLarry to justice and, where possible, return scheme members’ stolen savings. TPR, working with colleagues from other regulators and law enforcement agencies, will pursue criminals who exploit others’ hard-earned savings for their personal gain.

 “Whistleblowers were pivotal to the success of this case. We remind trustees, advisers and scheme members who have suspicions or concerns about the way their workplace pension is being run that they can contact us via the whistleblowing form on our website.”

Back to Index

Similar News to this Story

Reaction to reports of Freezing Lifetime Allowance
Reports reveal that the Chancellor is likely to announce a long-term freeze in the Lifetime Allowance for pension tax relief in the Budget next week.
Special Tax Day announced for 3 weeks after the Budget
Steven Cameron, Pensions Director at Aegon, comments on the special ‘tax day’ scheduled three weeks after the Budget.
Comment on Equity Release Councils new competency framework
Legal & General comments on the Equity Release Council’s new competency framework

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS


Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.