Week ending 13 September 2019
TPR flexes its muscles
The Pensions Regulator was tipped off about a proposed employer-related investment of more than £500,000. Its subsequent investigation found that the trustees involved had failed to take appropriate advice about the transaction and showed a lack of sufficient knowledge and understanding. TPR issued a warning notice and was planning to start enforcement proceedings to prohibit the three directors of the trustee firm, N W Brown Trustees Ltd, from being trustees. However, the Regulator obtained undertakings from the three directors that they would never act as pension trustees again (with one small exception), so TPR halted the enforcement proceedings. N W Brown Trustees Ltd acted as a professional independent trustee for 23 schemes and has agreed to wind down or transfer all of its trustee appointments by the end of 2019.
In a separate case, the Regulator has launched a criminal prosecution against Michael Woolley, the sole director and a shareholder of PIM Trustees Ltd. Mr Woolley is alleged to have failed to provide information required under a “section 72” notice relating to investments made by Southbank Capital (of which he is a director) with money and/or assets originating from 16 pension schemes for which PIM Trustees Ltd is the trustee.
And the music stops once again...
Amber Rudd, who resigned as Work and Pensions Secretary last weekend, has been replaced by Therese Coffey, who is now the seventh holder of the post since the 2015 general election.