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Pensions: What's new this week - 10 June 2024
TPR: Fine imposed for withholding information
The Pensions Regulator has published a statement highlighting a fine imposed on a company director for withholding information. TPR has power under section 72 of the Pensions Act 2004 to require the production of information from individuals and corporates. in this case, the power was used as part of an investigation into allegations of fraudulent evasion in relation to employee pension contributions. The director pled guilty to suppressing documents, which is a criminal offence under section 77(5) of the Pensions Act 2004.
Section 77 sets out penalties for a number of different offences relating to failure to comply with TPR’s information-gathering powers. Section 77(5) states that a person who, intentionally and without reasonable excuse, alters, suppresses, conceals or destroys any document which they are or are liable to be required to produce under section 72 or 75, is guilty of an offence. The maximum penalty, on conviction on indictment, is a fine or imprisonment for up to two years. The director in this case was fined £7,500 and ordered to pay costs of £7,500.
PASA guidance: 'Data presence v accuracy'
The Pensions Administration Standards Association (PASA) has published new guidance ‘Data Presence v Accuracy’, emphasising the need for scheme data to be both complete and accurate. The guidance outlines steps that trustees can take to improve and maintain data accuracy, including data quality analysis and remediation and putting controls in place to safeguard against future data degradation.
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