Pensions Regulator fines trustee of NOW: Pensions
07 February 2018
The Pensions Regulator (TPR) has fined the trustee of NOW: Pensions and has given a deadline for the long-running issues with the pension scheme to be fixed.
TPR has been actively monitoring NOW: Pensions due to concerns about the governance and administration of the scheme, including delays processing contributions and communicating with members.
TPR has issued an improvement notice and third party notice which are designed to make the trustee and NOW: Pensions Limited focus on resolving the issues as swiftly as possible, for the benefit of all of the affected members.
The trustee has assured TPR that there is no risk to any of the funds that NOW: Pensions has collected on behalf of members. The trustee and NOW: Pensions Limited have also agreed to set up a scheme of compensation for members who have been affected.
TPR believe that there is no need for advisers to recommend that their employer clients look to unravel automatic enrolment arrangements.
In a press release published by TPR Nicola Parish, executive director of Frontline Regulation, said:
“This package of measures, together with those voluntarily taken by the trustee, should ensure that the issues with NOW: Pensions which have persisted for so long are finally resolved. We will continue to monitor progress and will issue further fines if necessary to ensure that the trustee and NOW: Pensions Limited focus on resolving the issues as swiftly as possible. Trustees, sponsors and administrators should be in no doubt that we will act if we are concerned about the way schemes are being run.”
You can read the full press release on TPR’s website.