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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
