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ARTICLE · 24 OCTOBER 2016

If Trustees Fail They Will Face The Consequences!

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In August 2016 the Regulator issued three £2,000 fines against an independent trustee company following their failure to produce a signed chair's statement before the statutory deadline.

United KingdomCorporate/Commercial Law
Alison Hills
Alison Hills

In August 2016 the Regulator issued three £2,000 fines against an independent trustee company following their failure to produce a signed chair's statement before the statutory deadline.

Since 6 April 2016 trustees of DC schemes trustees have been under a requirement to ensure an annual chair's statement is produced and signed.

Trustees are now being urged to pay attention to their requirements, or, "face the consequences".

The consequences are a mandatory fine issued against the Chair.

What are trustees required to do?

The Code of Practice 13: "Governance and administration of occupational trust based schemes providing money purchase benefits" provides full detail about the requirements. The key points to note are:

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