View more on these topics

Pensions regulator levies another fine as scheme fails to hand over information

Lesley Titcombe
TPR chief executive Lesley Titcomb

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”.

It has levied a number of other fines for failing to provide information to TPR while setting a long-running anti-avoidance case with thread manufacturer Coats Group Plc.


Andrew Warwick-Thompson, TPR

TPR director leaves for government pensions scheme

EU and regulatory policy chief heads to local Government pension scheme The Pensions Regulator regulatory policy director Andrew Warwick-Thompson is leaving TPR to take up a role at the head of a new Government pension scheme. He will become chief executive of LGPS Central, a scheme to manage the assets of nine Midlands-based local Government […]

Jamie Clark Scottish Life 2012

Royal London calls on TPR to expand approved auto-enrol list

Royal London is calling on The Pensions Regulator to loosen the criteria for entries to its new list of group personal pension schemes for automatic enrolment. Last month TPR announced it would publish a list of GPP providers who are open to all employers “regardless of projected membership numbers or contribution levels”. Aviva, Standard Life […]


Changing of the guard: Is TPR up to the job of regulating pensions?

The collapse of British Home Stores and the impact of the pension freedoms agenda has reignited calls for The Pensions Regulator to be scrapped and sub-sumed by the FCA. The Work and Pensions Committee has taken TPR to task over agreeing an extremely generous 23-year deadline for trustees of the retailers’ pension fund to fill its huge […]


How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]

Who pays inheritance tax and how to declare it

By Kim Jarvis, Canada Life In this article we look at which forms personal representatives (PRs) need to complete and who actually pays inheritance tax (IHT).  To recap, under current rules, any part of the estate that falls within the available nil-rate band (NRB), currently £325,000, is taxed at zero. Anything in excess of the NRB […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Council Tax payers in Barnet must be thrilled!

Leave a comment