Scandal boosts trustee work

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LAW Debenture Corporation, the independent pension trustee, has seen a 'dramatic' increase in business following the Maxwell scandal, writes Robert Cole.

Most company pension schemes, in common with Maxwell's companies, have employees or directors as trustees. Law Debenture operates a service to act as trustee independently.

Its fees from that business grew 27 per cent in the half year to 30 June. It earned pounds 2.1m in the first six months of 1991 before Robert Maxwell's sudden death and pounds 2.7m after it.

Christopher Duffett, managing director, added that increasing numbers of company liquidations - where the pension funds need independent stewardship - had also increased fee income.

Overall pre-tax profits were pounds 2.11m against pounds 1.8m. The interim dividend is 6.25p (6p) and the company says it will at least maintain the full year dividend at 11.5p.