Week ending 10 May 2019
No happy meals here
A professional trustee firm, Link Pension Trustees Limited, has been fined a total of £103,750 by the Pensions Regulator for multiple breaches of pensions law in relation to the McDonald’s Franchisee Pension Scheme. Two separate fines were issued, one for £73,750 by TPR’s independent Determinations Panel for failing to obtain audited accounts for the scheme for four consecutive years, failing to provide members with Statutory Money Purchase Illustrations for two consecutive years and then failing to report those six breaches to TPR. The second fine of £30,000 was for failing to have at least three trustees on a master trust board. The scheme provides pensions for thirty-two franchisees of the food chain but is independent of McDonald’s itself.
£33 million saved from scams
The Government has revealed that, thanks to the joint-regulator campaign against pension scams known as “ScamSmart”, an estimated £33 million may have been saved from “falling into the wrong hands”. The campaign run by the Pensions Regulator and the Financial Conduct Authority has been heralded as a success, with a marked increase in scams being reported.