NOW: Pensions comments on announcement by TPR
12 February 2018
Following the recent announcement that The Pensions Regulator (TPR) issued NOW: Pensions fines and an Improvement Notice and Third Party Notice, the Interim CEO and Chair of Trustees responded in a press release.
TPR set NOW: Pensions deadlines to resolve legacy administrative issues detailed in an Improvement Notice and a related Third Party Notice.
TPR also levied two penalties on NOW: Pension Trustee Limited for historic issues. A penalty of £50,000 for failing to process some core financial transactions promptly and accurately and a penalty of £20,000 for failing to report late or missing contributions to some members.
NOW: Pensions Limited (NPL) has stated that the penalties will be paid by NPL and will not come out of members’ funds.
The press release is available on NOW: Pensions website.