Battle over RTÉ pension fund

The trustees of an RTÉ employees pension fund have brought proceedings against the investment manager and the trustee of a property investment fund aimed at redeeming what it claims is its outstanding investment of more than €19m.

The trustees of the defined benefit pension scheme for certain of the national broadcaster’s current and former employees, RTÉSA, has brought the proceedings in respect of its investment in a property investment fund called the Davy Property Fund. The fund is a sub fund of a trust called the Davy Property Trust.

In its action RTÉSA claims the defendants, Advance Fund Management Ltd and BNY Mellon Trust Company Ltd, have wrongfully refused to redeem the investment in full as expeditiously as possible and continues to retain control of more than €19m of RTÉSA’s funds.