In March 2019, Mr. Bessent was sentenced to more than three years in jail, as a result of action taken by TPR. He pleaded guilty to numerous counts of fraud, making employer-related investments and acting as a director whilst disqualified.
TPR’s Director of Enforcement, Erica Carroll, said:
“Bessent held a position of trust which he abused for his own gain – stealing money meant for hardworking scheme members’ retirements.
Today’s result shows TPR is determined that criminals such as Bessent are not only punished for their crimes but also do not benefit financially from their crimes. The money he stole will now be returned for the benefit of the scheme members he took it from.
And, if he doesn’t pay up in three months, he faces extra jail time and will still have to return the money.”
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Recognised overseas pension schemes notification list 4 November 2020
The list of Recognised Overseas Pensions Schemes (ROPS) notifications has been updated.
The ROPS list includes schemes that have told HMRC they meet the conditions to be a ROPS and have asked to be included on the list.
There have been 13 scheme names added to the list, and one scheme names removed. No amendments have been cited in this update.
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
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NEST encourages members to access their online accounts 17 November 2020
NEST, the workplace pension scheme established by the government, has made a video available for use by members wishing to log in to their online account.
NEST members have an online pension account that they can access regardless of where they are, and that they can log in to at any time. NEST encourages savers to use their account to make the most of being members of NEST. There is also a video which gives an overview of the dashboard that is available for those wishing to bring their pensions together, or for anyone who simply wants to check that their savings are on track. The dashboard allows members to manage their NEST pension online.
The CIPP represents its members at NEST panel meetings and would like to provide answers to some of the questions raised at those sessions. They are as follows:
• How has your business been affected generally, including staff implications? • Has it recovered since the first lockdown and if so, how well? • How are the further lockdowns affecting you now? • Has the way you conduct business changed? • What are your hopes and thoughts for the future?
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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