The Pensions Regulator, the body set up in 2005 as a watchdog for UK occupational pension schemes, has banned a trustee for the first time, claiming he misled executives about the worth of their pensions to the tune of £13.4m (€20m).

David Foster, former trustee chairman of the Ericsson UK Employee Benefits Scheme, told management that pensions were more generous than they actually were, increasing the final salary scheme's liabilities, the regulator said.