Trustees forced to repay £193,000 after returning short service refunds to sponsor

clock

Two trustees have been ordered to pay £193,000 into the Pilkington Tiles Pension Scheme after they moved surplus funds from the trustee bank account to the sponsoring employer.

Dean Burrows and Stephen Lloyd were also liable for meeting any tax charges that might occur as a result of returning the excess contributions to the company. Refunded surpluses are taxed at 35%...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Law and Regulation

Industry backs PPF levy reduction but raises concern over superfund exemption

Industry backs PPF levy reduction but raises concern over superfund exemption

Decision to reduce levy to zero makes sense, but same logic should apply for superfunds

Jonathan Stapleton
clock 05 January 2026 • 3 min read
FCA transfer proposals 'a big step forward' for savers

FCA transfer proposals 'a big step forward' for savers

But People’s Pension disappointed FCA did not recommend a ban on transfer incentives

Jonathan Stapleton
clock 12 December 2025 • 3 min read
FCA to consult on pension charge cap

FCA to consult on pension charge cap

Watchdog wants to ensure members not disincentivised by higher performance fees

Jonathan Stapleton
clock 11 December 2025 • 1 min read
Trustpilot