12th January 2017 Anne-Marie Winton Comments in Pensions Expert as TPR Fines Mastertrusts
The Pensions Regulator has issued its first fines against mastertrusts for failing to complete a chair’s statement.
A £2,000 fine was issued to professional trustee company MC Trustees, which chairs the Nurture Mastertrust. Meanwhile, fines totalling £3020.70 were imposed on Countrywide Assured Trustee Services for three breaches related to three mastertrusts referred to as the ‘Save and Prosper Funds’ in the regulatory intervention report.
Partner Anne-Marie Winton commented that this approach is indicative of the more proactive approach outlined in the Work and Pensions Select Committee’s recent report on defined benefit pension schemes. The approach also chimes with the increased powers the regulator has been granted to regulate mastertrusts.
She went on to say, “It shows the direction of travel, showing the regulator has bite as well as bark. The second select committee report has given indications of how the regulator ought to behave and has given the example of some very heavy fines.”
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