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

How trustees should prepare for pensions to enter IHT net from 2027

How trustees should prepare for pensions to enter IHT net from 2027

Palwinder Hare says trustees should begin preparations now in readiness for the changes

Palwinder Hare
clock 30 January 2026 • 2 min read
Government rejects Waspi compensation again after review

Government rejects Waspi compensation again after review

DWP says creation of compensation scheme would be ‘highly impractical’ and ‘time-consuming’

Martin Richmond
clock 29 January 2026 • 3 min read
Lords committee calls on government to rethink IHT reforms

Lords committee calls on government to rethink IHT reforms

Warns IHT on pensions will place ‘huge burden’ on personal reps

Isabel Baxter
clock 28 January 2026 • 3 min read
Trustpilot