Schemes across all sectors, whatever their size, can expect the volume and frequency of their interactions with us to increase so that potential risks to pension savers are identified early and put right before it becomes necessary for us to use the full force of our enforcement powers.
Our new model is flexible – we will take a systematic approach to set out our expectations and will respond swiftly to emerging risks, taking tough action where necessary to tackle bad behaviour, including by corporate entities.
An important element of our new approach will be the use of a broader range of communication channels to drive behavioural change by promoting greater understanding of what schemes need to do in order to comply with the law and demonstrate high standards. This was a vital ingredient in the success of automatic enrolment amongst employers and we look forward to developing a closer relationship with schemes, both large and small.”
Read the full press release from The Pensions Regulator.
Back to Contents
Recognised overseas pension schemes notification list 2 October 2018
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The list is of schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list. 7 schemes have been added and 5 have been removed.
An updated list of ROPS notifications is published on the first and 15th day of each month. If this date falls on a weekend or UK public holiday the list will be published on the next working day. Sometimes the list is updated at short notice to temporarily remove schemes while reviews are carried out, for example, where fraudulent activity is suspected.
The requirements to be a ROPS changed from 6 April 2017 - find out about the changes for ROPS requirements.
Back to Contents
Dominic Chappell loses appeal against BHS section 72 conviction 2 October 2018
Dominic Chappell, the former director and majority shareholder of the company that bought BHS for £1, has lost his appeal against his conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
In January, Chappell was convicted at Brighton Magistrates’ Court by District Judge William Ashworth of three offences of neglecting or refusing to provide information and documents without a reasonable excuse.
District Judge Gary Lucie then sentenced Chappell to pay a £50,000 fine, £37,000 costs and a £170 victim surcharge. Chappell appealed his conviction and sentence, asking for the case to be reheard in the Crown Court.
He lost his appeal at Hove Crown Court after Judge Christine Henson QC said Chappell’s evidence was “entirely unbelievable”. The case was adjourned for sentencing on a date to be fixed.
Judge Henson, who sat with two magistrates for the appeal, added: “We have concluded that the majority of answers given by the appellant were not credible. He had not provided any reliable evidence to support any of the reasons he says provide him with a reasonable excuse.”
Nicola Parish, TPR’s Executive Director of Frontline Regulation, said:
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
Page 531 of 598
Made with FlippingBook - Online magazine maker