Large national or international actuarial firms argue that when plan sponsors hire smaller actuarial and investment consulting firms, they are effectively agreeing to a limitation of liability because a significanterror by a smaller, thinly capitalized firm would result in its demise.
Head of the NAO Amyas Morse - who last year declined to sign off HMRC's accounts because of tax credit fraud and error - said HMRC faced "significant" challenges.
"Although the error may have been one which many might make, it amounted to a significant failure to keep a proper lookout and to manage the car correctly, " Lord Justice Hughes said.