UK’s Pensions regulator fines for the first time ever a public service scheme
The Pensions Regulator (TPR) slapped the London Borough of Barnet with a £1,000 penalty for failing to submit its 2016 scheme return.
TPR has been vocal in recent months over plans to get tough on pension scheme failings. It has promised to “intervene” where companies are treating schemes unfairly.
Meanwhile, the government is consulting on plans to give TPR proactive, rather than reactive, powers to step in to prevent BHS-style corporate failings following large pension shortfalls.
TPR issued Barnet council with a notice to file its return on 9 July 2016, setting a deadline of 12 August. The North London borough failed to file the return and respond to the correspondence. This led to the matter being referred to TPR’s Determinations Panel on 24 February 2017.
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