Samuel Smith Brewery and its chair have been ordered to pay out more than £28,000 over pension scheme information it failed to hand over to The Pensions Regulator.
The North Yorkshire-based brewery was fined £18,750 and chair Humphrey Smith a total of £8,000 at Brighton Magistrates’ Court today. There were also costs and victim surcharges of £1,240.
TPR required information about Samuel Smith Brewery’s financial position following the submission of the 2015 valuation of some of the firm’s final salary pension schemes.
That information was needed to show if the schemes were being properly supported.
TPR executive director of frontline regulation Nicola Parish says: “Our ability to request information is a necessary part of our regulatory toolkit and we take it very seriously when parties do not cooperate with us.”
Parish says: “Smith and the brewery could have avoided this fine and a criminal conviction by simply complying with our notice requiring the information to be provided.”
District Judge Teresa Szagun says it is important that the public has confidence in a “robust process to investigate and protect” pension savers.
The case is the sixth criminal conviction secured by the TPR for firms’ failure to comply with its Section 72 notice.