Lay trustees fined for DC scheme failings

Nicola Parish, TPRTwo lay trustees have been fined £300 for failing to provide the Pensions Regulator with a return for their DC scheme.

The trustees of New Station Bodyworks Ltd Retirement Benefit Scheme and M Holleran Ltd Pension Plan were fined for failing to file the return which includes key information on schemes and allows trustees to confirm that they are complying with new DC governance standards.

The fine comes as TPR launches an awareness initiative through a new video in which TPR executive director for frontline regulation Nicola Parish calls on trustees to submit a scheme return or face a fine.

The trustees or managers of registrable schemes are required by law to provide TPR with a scheme return.

TPR has now issued 23 warning notices for failure to submit a scheme return.

Parish says: “Providing information to TPR is an essential part of a trustee’s role and they are required by law to submit a scheme return and update their registrable information.

“We are supporting trustees in numerous ways, including new web guidance and news-by-email to help them understand how to complete the new scheme return in order to demonstrate they are meeting new governance standards.

“However, schemes should be aware that this type of breach will result in a fine and we hope that our latest intervention report will act as a reminder to all trustees to ensure they complete a scheme return on time. We will act where trustees demonstrate that they are not complying even with the basic duties.”