ARTICLE · 06 NOVEMBER 2019

Pensions Update – Autumn 2019

Arthur Cox

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With effect from 29 January 2019, all occupational pension schemes established under trust are required to comply with the European Union (Anti- Money Laundering: Beneficial Ownership of ...

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Michael Shovlin

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BENEFICIAL OWNERSHIP OF PENSION SCHEMES

With effect from 29 January 2019, all occupational pension schemes established under trust are required to comply with the European Union (Anti- Money Laundering: Beneficial Ownership of Trusts) Regulations 2019. Trustees of a pension scheme are required to (amongst other things) take "all reasonable steps" to gather and hold certain information on the pension scheme's beneficial owners and to set up a "Beneficial Ownership Register" for the pension scheme.

Trustees will be required to submit the information contained in the Beneficial Ownership Register to a central register (which each EU member state is required to establish) by 10 March 2020. Noncompliance with the main obligations outlined in the Regulations is a criminal offence, exposing the trustee to a fine of up to €5,000.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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