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A UK pension scheme has been branded “deeply irresponsible” after investing in Bitcoin.

The unnamed defined-benefit scheme became the first in the UK to make the plunge, using 3% of its assets to buy into the cryptocurrency last month.

Pension specialist Cartwright acted as an adviser to the scheme and said the allocation was a “strategic move that not only offers diversification but also taps into an asset class with a unique asymmetric risk-return profile”.

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It claimed its approach meant the scheme could benefit from a significant potential bonus while limiting the possible negative outcomes.

But some experts seem less enthusiastic about the decision, warning it bordered on “gambling with retirees’ futures”.

“This is a very strange decision. Pension funds should surely be investing for the long term rather than speculating over the short-term,” Colin Low, managing director at Kingsfleet, told Newspage.

“It is ironic that a pension fund, having one of the longest investment time horizons, should speculate its beneficiaries’ assets on something that has no intrinsic value.”

Daniel Wiltshire, actuary at Wiltshire Wealth, added: “This is deeply irresponsible. Pension trustees have an obligation to ensure scheme assets are managed prudently.

“This precludes taking punts on a basketcase asset class like crypto. For the sake of the members, I hope the regulator is paying attention.”

Why are people so concerned?

Bitcoin is the largest and oldest cryptocurrency, although other assets like ethereum, tether and dogecoin have also gained popularity over the years.

Some investors see cryptocurrency as a “digital alternative” to traditional money – but it is very volatile, with its price reliant on larger market conditions.

Pension scheme trustees tend to be against taking big risks with retirees’ funds.

Advice from the Financial Conduct Authority states “you should never invest money into crypto that you can’t afford to lose” and warns people to be prepared to lose all their money.

And, while a 3% allocation doesn’t sound like a lot, it’s enough to make an impact on the pension fund’s performance.

This means that if Bitcoin continues to skyrocket, it could boost the scheme in a big way, but equally if it sinks, it could have a significant negative impact.

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As a defined pension scheme, it does mean the risk is being taken by the employer should there not be enough assets to meet future pension payments, rather than being borne by members.

Laith Khalaf, head of investment analysis at AJ Bell, says plenty of people have bought crypto personally, but it’s harder to make the case for investing in it to diversify a pension portfolio.

“While the price of Bitcoin is currently riding high, in the past we’ve seen strong performance quickly giving way to dramatic price falls. That in itself is a big hindrance to Bitcoin being adopted by consumers and businesses as a means of exchange,” he says.

“If you think Bitcoin is the future of currency despite its volatility, ask yourself if you’d be willing to be paid by your employer or billed by your mortgage provider in the cryptocurrency.

“It’s possible Bitcoin will thrive and prove its doubters wrong, but it’s also possible it will ultimately become worthless.”

Just last week, it hit a record high above $£99,000 – but less than two years before that it dropped below $17,000 following the collapse of crypto exchange FTX.

Some experts believe the potential pay-off means an investment in Bitcoin is a risk worth taking.

Chris Barry, a director of Thomas Legal, says that anything less than a 5% allocation is “sensible”, and UK pension funds need to catch up to their US equivalents who have been investing in crypto for years.

“Bitcoin is the top performing asset class over the past 10 years on average, even beating the NASDAQ. The direction of travel following Trump winning the US election is very bullish indeed,” he adds.

David Belle, founder and trader at Fink Money, has a similar view, saying a pension scheme portfolio is about numbers trying to deliver a return.

“A portfolio is just numbers made up of different betas, assets which either outperform or underperform a benchmark. Crypto is a fine asset class if it fits risk appetite.”

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Man guilty of murder of Cher Maximen at Notting Hill Carnival

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Man guilty of murder of Cher Maximen at Notting Hill Carnival

A man has been found guilty of murdering a mother as she attended Notting Hill Carnival with her three-year-old daughter.

Cher Maximen, 32, was at the event in west London on 25 August last year when she was stabbed in the groin after trying to intervene in a fight.

Shakeil Thibou, 20, was charged with her murder after she died in hospital on 31 August.

He was found guilty by a majority of 10 to two jurors and is due for sentencing on 16 May.

Cher Maximen
Image:
Cher Maximen

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Moments before stabbing Ms Maximen, Thibou carried out an “equally horrifying attack” on a man who was backing away from him, the Old Bailey has heard.

He was also convicted of attempting to cause grievous bodily harm to 20-year-old Adjei Isaac with intent, and having an offensive weapon.

At the opening of the trial in February, prosecutor Ed Brown KC told the court Ms Maximen and the group she was with had got caught up in the middle of a “horrifying outbreak of violence”.

At the time, Ms Maximen had been crouched chatting to her friends as they sat on the ground with their children.

 Cher Maximen
Image:
Cher Maximen

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She suffered a 12cm deep knife wound, which caused severe internal bleeding in her groin.

‘Pure anger’ in accused face

As jurors were shown police bodycam footage of the incident during a previous hearing at the Old Bailey, Mr Brown KC told them: “You will see pure anger in the face of Shakeil Thibou. This was right in front of her [Ms Maximen’s] three-year-old daughter.”

The “truly shocking” incident happened in just eight seconds.

How did it happen?

The Old Bailey previously heard how a crowd of hundreds splintered on Golborne Road in west London as Thibou and his two brothers, who were on trial alongside him facing separate charges, had an altercation with at least two other males.

 Cher Maximen
Image:
Cher Maximen

Thibou produced a “huge” knife, described by one witness as a zombie knife, and lunged repeatedly at Mr Isaac in a “determined, thrusting movement”, the Old Bailey heard.

Mr Isaac recoiled and during the altercation the pair bumped into Ms Maximen who had been crouched chatting to her friends as they sat on the ground with their children.

The knife, the prosecutor said, missed Mr Isaac by “centimetres”.

Mr Brown KC told the court Ms Maximen struggled to regain her footing after being knocked to the ground.

He said: “Cher Maximen in those moments grabbed hold of Shakeil Thibou’s coat, pulled it and managed to get partially to her feet.

“She appeared to attempt to strike out with her hand at Shakeil who of course was still holding that knife in his hand. Cher Maximen took a step towards Shakeil Thibou and at the same time attempted to raise her right leg out towards him.

“It was at this moment, Shakeil Thibou raised the knife directly towards Cher Maximen and deliberately thrust it towards her, stabbing her in the groin.”

Sheldon Thibou was found guilty of violent disorder and guilty of assault on an emergency worker, PC Oliver Mort.

Shaeim Thibou was cleared of violent disorder but found guilty of assault on an emergency worker, PC Mort.

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Cher Maximen: Family’s ‘rage’ after mother fatally stubbed in front of daughter at Notting Hill Carnival

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Cher Maximen: Family's 'rage' after mother fatally stubbed in front of daughter at Notting Hill Carnival

The family of a mother who was fatally stabbed as she attended Notting Hill Carnival with her three-year-old daughter has said “the feeling of loss is overwhelming, but so is the feeling of rage”.

Cher Maximen, 32, was stabbed at the west London carnival’s “Family Day” on 25 August last year.

Shakeil Thibou, 20, has now been found guilty of her murder, by a majority jury verdict of 10-2, after a trial at the Old Bailey.

“I’ve lost my parents. I’ve lost my brother. Nothing has felt like this ever,” Ms Maximen’s cousin Lawrence Hoo told Sky News.

“It is the cruellest thing, it truly is.”

Lawrence Hoo
Image:
Lawrence Hoo

Ms Maximen died at a carnival she had been to so many times – she barely missed one.

On the day, Ms Maximen and her three-year-old daughter arrived at Europe’s biggest street party with a group of friends and their children. They’d been sitting and chatting when she was knocked over by some men who had started fighting.

News of her stabbing came almost immediately. Mr Hoo remembers receiving the call. “When I first heard that she’d been stabbed, I know it sounds silly, but I thought Cher will be alright. Cher’s strong, she’ll get through this.”

Ms Maximen was taken to hospital and underwent a number of emergency procedures before being put on life support.

Cher Maximen and a family member

Mr Hoo immediately headed to London to be at her bedside.

“I can remember being in the hospital being sat there with her, with other family members and that’s the last time I saw her. It still doesn’t feel real. There’s still disbelief,” he said.

“It’s the most senseless act to someone who had so much life and so much to give.”

Ms Maximen died from her injuries six days after the incident.

She was a vivacious young woman who grew up in Bristol and then London, finding her feet working with people in music and entertainment.

Ms Maximen was described as a “people person”, which for Mr Hoo manifested in her being “a bright light” in the lives of her loved ones.

He said: “It’s just this energy she had, she lit up the room. If you walked into a space, you’d know that Cher was there. Her energy itself would fill the room. She was a very bright light.”

Her life changed three years before her death when she became a mother in her late 20s.

Her daughter became her life’s work, she poured her love and energy into creating a person her family describe as her mini-me, “she’s Cher 2.0” Mr Hoo said.

Cher Maximen pictured as a child with her uncle Ty
Image:
Cher Maximen pictured as a child with her uncle Ty

Ms Maximen was stabbed just metres from her daughter on that day.

Mr Hoo said the idea of the toddler witnessing her mother on the ground punctuates the sadness the family feel with anger.

“The feeling of loss is overwhelming, but so is the feeling of rage,” he said. “She [Ms Maximen’s daughter] is aware that on that day, something happened to her mother.

“She saw her mother drop to the floor, and then she saw her mother bleed. That’s the daughter’s last living memory of her mother. And to live with that, knowing that that’s happened, that somebody did that. That’s why it’s so hard and that’s where the rage comes from.”

The family is now rallying around the little girl who is growing up without her mother.

Mr Hoo said the attack “will be a memory that will recur” for Ms Maximen’s daughter, adding “that is why it is so painful and hard to try to live with”.

“I think the trauma is going to be there, and trauma will raise its head when it chooses to come up. But we’ll be there for her,” he said.

The family held Ms Maximen’s funeral in October, and dozens came to remember a woman who loved to spread joy.

Mr Hoo said their focus is now Cher’s daughter: “It’s difficult to say how do we celebrate this life that was taken so prematurely. But I think it goes into her daughter, and it’s to give her daughter the best life and love, and tell her who her mother was.

“I just wish that we had so much more time.”

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Abuser who murdered husband and buried him in Canterbury garden jailed for 22 years

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Abuser who murdered husband and buried him in Canterbury garden jailed for 22 years

A domestic abuser who murdered her “frail” husband and buried him in the garden has been jailed for at least 22 years.

Maureen Rickards caused her husband “unimaginable pain and suffering”, said the Crown Prosecution Service (CPS).

She was found guilty at Canterbury Crown Court last month and today got a life sentence with a minimum of 22 years.

Jeremy Rickards, 65, was found wrapped in bin bags inside a hold-all at the couple’s property in St Martin’s Road, Canterbury, on 11 July last year.

He had five stab wounds to his chest – two of which pierced his heart.

There were also non-fatal injuries sustained about 10 days before his death, as well as other wounds thought to have been weeks old.

Grass cuttings were put over the body in an attempt to hide it, but the judge said police were alerted by an “overpowering odour” that “made them feel ill”.

Kent Police believe he was killed a month earlier and his corpse stored in an attic room cupboard before being moved.

Rickards, 50, told their daughter he had gone to Saudi Arabia for work, but police had no record of him leaving the UK.

The daughter became concerned by the style of messages she received and asked her mother if she’d taken over his phone.

She eventually reported him missing.

Jeremy Rickards: Pic: LinkedIn
Image:
Jeremy Rickards: Pic: LinkedIn

The last record of Mr Rickards being alive was when he topped up his phone on 8 June.

CCTV showed his wife of 27 years using his bank card a few weeks later, with the judge saying the cleaning products she bought were probably to clean up the killing.

Rickards was initially arrested for fraud – but officers searched the property and found the body.

The murder weapon has never been found.

Police said the victim was also seen with bruising on his face a few weeks before his death, telling a pub staff member he had been in a car accident.

But video found on his wife’s phone showed her shouting at him and the sounds of her beating him.

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Mr Rickards briefly moved out of home in early June and was seen with numerous injuries at the property he stayed in.

His wife did not attend sentencing, but judge Mr Justice Kerr directed his comments towards her, saying: “Your videos also clearly show you threatening Jeremy, abusing him, using violence on him, and expressing an intention to kill him.

“He was in frail health and largely defenceless against you.”

Detectives said Rickards has never expressed remorse for the killing and tried to blame others.

“This was a horrific murder of a man who we believe had been a supportive husband to his wife, despite her violence towards him,” said Detective Inspector Colin McKeen.

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