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Stakeholder Pensions: Libyan Funds Lost/ 29.8.2011• Rachel Bellis• Posted At 12:00 PM

According to the person who tracks down foreign investments for Libya, round $2.9 billion, or £1.8 billion, is missing from the Libyan sovereign wealth fund.  Mahmoud Badi reported “misappropriation, misuse, and misconduct of funds” from the Libyan Investment Authority (LIA).

Investment Impact

This could have a large impact on overseas investments, creating problems for those who save pensions in a stakeholder pension. If you would like to put your funds into a stakeholder pension that is both safe and simple, consider looking at Virgin’s product.

LIA has several funds worth approximately $70 billion, in oversees investments. These include shares in the Italian bank UniCredit, and Juventus and Pearson—a football club, which owns the Financial Times. This could become an issue, as the Italian government has already suffered from losses in the value of its government bonds, and has only just begun to pull through its debt crisis.

Mr. Badi assured the public that the LIA would “dig for the truth” and use “expert people”. All institutions connected to the missing funds would be contacted and the parties responsible would have to “make it up to the Libyan people”.

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A Long Rebuild Ahead

This will possibly mean that such institutions could suffer as well, bringing stocks down and affecting pensions. Missing money will have to be replaced from somewhere and with the global financial situation not at its best, replacing that could become a problem that will have to be resolved. If you are concerned about options for you own pension, discuss your options with an independent financial adviser using our pension enquiry form.

Friday, the head of the Libyan Stabilisation Team from the National Transition Council said rebuilding the country could take up to 10 years. Ahmed Jehani, the head, commented on the poor infrastructure before the rebellion, which had been in place due to neglect of the system.

If you are interested in how this could change your pension scheme, depending on your investments, consider using a plan that could include savings. To discover how you can make your savings work for you, consider using our pension calculator, which will discover your pension options.

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