A major pension fund covering 100,000 workers collapses into administration amid a boardroom row.

08:37, Sat, Apr 11, 2026 Updated: 08:40, Sat, Apr 11, 2026

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A pension company has gone into administration (Image: Getty)

A major pension fund covering around 100,000 employees has been placed into administration following internal disputes, sparking concern among members.

Swiss multi-employer scheme Tellco Pensionskasse, which manages assets worth CHF4.88 billion (approximately £4.3 billion), has been taken over by regulators after disagreements within its leadership made it impossible to run effectively. The move was ordered by the Zentralschweizer BVG und Stiftungsaufsicht, which appointed WTW as administrator to stabilise the fund. Tellco said the intervention was not due to financial problems but rather “ongoing disputes” between members of its board of trustees, which had prevented proper governance.

Company Insolvency And Liquidation

Tellco said the intervention was not due to financial problems but rather “ongoing disputes” between members of its board of trustees (Image: Getty)

Under the arrangement, WTW will temporarily take over the responsibilities of the board, ensuring the scheme continues to operate and that decisions can be made effectively.

In a statement, they said: “For employers, members and sales partners, there will be no changes in day-to-day operations. Business continues as usual. All benefits, contributions and contractual obligations will be fulfilled as normal."

“All benefits, contributions and contractual obligations will be fulfilled as usual,” the scheme said, adding that regular contacts and services will remain unchanged.

Despite the governance issues, Tellco pointed to strong underlying performance, with its funding ratio standing at 106.3% and membership rising by 30% in the first quarter.

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The situation highlights the risks posed by internal governance disputes in large pension schemes, even when financial health remains stable.

Administrators will now focus on restoring stable leadership and on ensuring long-term decision-making processes are reinstated.