UK. The Pensions Regulator (TPR) has given the trustee and trust manager of NOW: Pensions a deadline to fix long-running issues with the pension scheme.
TPR has required the master trust to act to resolve persistent administrative failings, over a number of years, which have led to some scheme members’ savings not being collected from employers and invested.
TPR has fined the trustee (NOW: Pension Trustee Limited) a total of £70,000 for its failings and has issued it with an Improvement Notice. A related notice, called a Third Party Notice, has been issued to the trust manager (NOW: Pensions Ltd, or NPL).
The notices direct that the trustee and NPL must complete a series of steps to rectify their failure to remedy the administrative issues. These steps must be taken by specified deadlines over a number of weeks and months. Both the trustee and NPL have indicated that they are prioritising resolving these issues.
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