The Pensions Regulator

Schemes warned to comply with law on chair’s statements

Trustees must produce a chair’s statement which is compliant with the law, The Pensions Regulator (TPR) has warned after fines against two schemes were upheld in court.

In separate cases, trustees failed to include the required information in their annual statement and were issued fines by TPR. Trustees appealed the decisions to the First-Tier Tribunal.

The judges on both tribunal cases agreed that penalties for non-compliance were mandatory, the chair’s statements were non-compliant with the law and TPR was right to issue the fines.

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