The trustee of master trust Now Pensions has been fined and given a set of stringent deadlines to fix long-running pension scheme issues, The Pensions Regulator (TPR) announced today.
The master trust will be required to act and resolve its persistent failings, which have occurred over a number of years, and have led to some members' savings not being collected from employers and invested....
This week's top stories included the Department for Work and Pensions issuing two separate consultations on the pensions dashboard and defined benefit consolidation.
A regime similar to that for defined contribution (DC) master trusts will be set up for regulating defined benefit (DB) consolidators under plans announced today.
Defined benefit (DB) superfunds that wish to enter the market must talk to The Pensions Regulator (TPR) about their plans before opening for business.