View more on these topics

Regulator slams brewery for holding back pension details

Payment-Fine-Currency-Money-700.jpgSamuel 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.

Pay for top pensions regulator and ombudsman staff revealed

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.

Recommended

Hourglass-Clock-Time-Race-Measure-700x450.jpg
2

Are you ready for the Insurance Distribution Directive?

Firms must change initial disclosure documents before the 1 October deadline This year has already been a challenging one for advisers, but with the delayed implementation of the Insurance Distribution Directive taking effect on 1 October, further regulatory change is just around the corner. New rules introduced by the IDD include upfront disclosures that firms […]

5

Abraham Okusanya: The irresponsible absurdity of new longevity theories

Annuity providers are wrong to use such sci-fi, scaremongering sales tactics  Ancient scholars would have us believe Methuselah lived to a staggering 969 years, making him the oldest person in history. Little wonder the name became synonymous with longevity. British gerontologist Aubrey de Grey coined the term “Methuselarity” – a blend of Methuselah and singularity – […]

1

Auto-enrolment arrives but is it a done deal for small firms?

When business secretary Vince Cable told the Liberal Democrat party conference he had defeated the Tory “headbangers” who “find sacking people an aphrodisiac”, there was little doubt who he was thinking of – Adrian Beecroft. The Beecroft report, which was commissioned by the Government and published in October last year, contains a series of radical […]

Delivering advice and guidance in the workplace

Three advisers share their ideas and experiences of helping employees with their financial decisions The workplace is instrumental in engaging people to save for retirement. How are advisers helping employers provide advice or guidance to their employees? Telephone guidance Financial education provider and advice firm Wealth at Work recently launched a telephone guidance service to […]

A whiff of stagflation

Read our latest Investment Clock Strategy report ‘A whiff of stagflation’ from Trevor Greetham, Head of Multi Asset at RLAM. The report covers various topical themes and also explains why Trevor is now only marginally overweight equities in multi asset funds but would still be willing to buy dips. Read the report here Past performance […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com