A charity boss has been stripped of his MBE after swindling its pension scheme out of nearly £300,000 to pay for a lavish lifestyle including buying property abroad and a pub.
Patrick McLarry, 72, was jailed for five years in February last year after he admitted defrauding cash from Yateley Industries for the Disabled, a charity dedicated to supporting vulnerable adults and which he was CEO and chairman of.
He spent the money on a home and warehouse in the south of France, a house in Hartley Wintney, Hants, and to repay a debt he owed over the purchase of a lease for the old Mary Rose pub in Portsmouth, Hants.
TPR publishes report of charity fraud pension case
By Michael Klimes 23
rd February 2021 2:51 pm
The Pensions Regulator has published a report about a fraudster who stole money from a charity’s pension scheme.
It sheds light on the actions of Patrick McLarry who was jailed for five years in February 2020.
McLarry was chief executive of the charity Yateley Industries for the Disabled Ltd dedicated to supporting vulnerable adults.
He was ordered to pay £250,000 last September and pleaded guilty to defrauding the charity’s pension scheme.
McLarry spent the money on a home and a warehouse in the south of France alongside a house in Hartley Wintney, Hampshire.
So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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