FIN.

TPR fines FCA Pension Plan

The Pensions Regulator has fined the FCA Pension Plan £2,000 for a non-compliant chair’s statement, the maximum penalty which it can levy for this type of breach.

The chair’s statement requires trustees of defined contribution schemes to confirm how they have complied with certain legal requirements. The Pensions Regulator found that the chair’s statement for the FCA Pension Plan contained insufficient detail on some counts.

This is not, however, an isolated occurrence, with a number of other pension schemes already having been fined by the Pensions Regulator for the same breach.

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Gavin Ellison