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The Pensions Regulator (TPR) issued 20,555 compliance notices between July and December, in comparison with 35,087 for the earlier interval.
The regulator issued 13,376 unpaid contribution notices (in comparison with 11,921).
It additionally issued 17,284 fastened penalty notices (in comparison with 22,542) and 6,988 escalating penalty notices (in comparison with 7,407).
TPR stated the discount in notices issued was on account of a discount within the variety of employers on account of full their re-enrolment tasks within the earlier interval.
Within the six months to the tip of December, TPR used its powers to difficulty a £2m contribution discover to an abroad dad or mum firm, and secured a £130,000 settlement with a senior firm govt to assist shield a 600-member outlined profit scheme.
TPR additionally used its anti-avoidance powers towards SMT Scharf AG, a German mining gear enterprise with international pursuits and subsidiaries, in assist of the scheme for the workers of the Dosco Group, a UK-based engineering enterprise. A monetary settlement was secured with a former Chief Govt of the Dosco Group, Martin Cain.
SMT Scharf AG bought the Dosco Group to a administration buyout firm which had no practical prospect of having the ability to assist the enterprise. The pension scheme’s sponsoring employers went bust eight months after the sale.
The case additionally marks the primary time TPR’s Determinations Panel has awarded extra sums for misplaced funding returns and curiosity.
Nicola Parish, govt director of frontline regulation at TPR, stated: “This case sends a transparent warning to company entities and people that TPR will take motion the place acceptable to guard schemes no matter their measurement. It additionally reveals that the very fact a goal relies abroad isn’t any impediment to the usage of our anti avoidance powers.
“Scharf confirmed an entire disregard for the scheme which was left with no funding or prospect of monetary assist. We put savers on the coronary heart of all we do and we take an especially dim view when their pursuits are intentionally uncared for on this means.”
In respect of the usage of TPR’s frontline regulation powers, the entire variety of statutory powers used was 244 in comparison with 286 within the earlier six-month interval.
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