TPR fines FCA over non-compliant pension scheme
The Pensions Regulator (TPR) has issued a £2,000 fine to the Financial Conduct Authority’s (FCA) Pension Plan due to a non-compliant chair’s statement.
The pensions watchdog revealed the fine was issued between 1 July and 30 September last year. The fine, which is the highest TPR can levy for this type of breach, related to the 2018 chair's statement.
Chair's statements must be produced within seven months of the end of each scheme year and be signed off by the chair of trustees.
Professional Pensions understands the scheme had not provided enough detail on turstee training, on fund managers' cost and charges for default and non-default strategies, or a date when the most recent investment strategy had taken place.
An FCA spokesperson said: "In considering the FCA Pension Plan's application to become an authorised master trust, TPR reviewed its 2018 defined contribution governance statement and ruled it contained insufficient detail. The FCA Pension Plan trustee has apologised to members of the plan, and reviewed systems and processes to ensure all the required information is available to members and the 2019 governance statement (provided in October) was fully compliant."
The master trust was then authorised by TPR in November.
In the same release, TPR revealed separate fines of £2,000 each were also levied on the Salvus Master Trust and Accenture Retirement Savings Plan.
Salvus head of sales Bill Finch said the breach was linked to an "absolute minutiae of regulations" but the master trust had decided to "take the rap" rather than appeal.
TPR has previously stated it believes annual chair's statements are "essential to show pension savers that their scheme is being properly governed" - adding it expected high standards of trustees and would "take action when chair's statements were not compliant with the law".
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