The Pensions Regulator (TPR) has banned three pension scheme trustees for life after uncovering "serious and persistent" breaches of investment regulations and legislation.
TPR found the company had been using the pension scheme as a source of income rather than supporting it. The regulator's determinations panel also found that the relationship of the former trustees with the sponsoring employer of the Hugh Mackay Retirement Benefits Scheme had led to "serious conflicts of interest". Robert Angus Hill, Nicholas John Halton, and Simon Christopher Ragg resigned from the trustee board last October after admitting the breaches. The regulator said the scheme's funding position was now "parlous" and it seemed "bound to enter the Pension Protection Fund (PP...
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