The Pensions Regulator has fined a local government pension scheme manager for failing to submit its scheme return.
In the latest in a series of fines flexing TPR’s muscles, the regulator has levied a £1,000 bill on the London Borough of Barnet scheme manager for part of the Local Government Pension Scheme for England and Wales.
TPR put Barnet Council on notice last July, asking it to put in its scheme return by 12 August, but it did not do so.
It is the first time a public service pension scheme has been fined by TPR.
TPR frontline regulator director Nicola Parish says: “It is the legal responsibility of trustees and managers to submit a scheme return by the deadline. This is one of the most basic regulatory requirements for trustees and managers and it is vitally important that we have up-to-date information about schemes so we can carry out our role effectively”.
TPR has sounded bullish notes on policing its rules over the last few months. In its annual report two weeks ago, it pledged “bolder” use of its enforcement powers to act “more quickly and decisively” where it saw issues with schemes.
Chief executive Lesley Titcomb followed up in a blog a few days later reiterating that TPR “will use our powers more frequently and quickly, making use of our full range of powers”.