Now Pensions has overhauled its administration system after historic issues caused a failure in collecting and investing around 265,000 members' contributions.
The Pensions Regulator (TPR) has confirmed "serious and persistent administrative failings" had been addressed for the majority of affected members, which had led to around £18m of contributions not being collected. The issues had occurred between 6 April 2015 and 8 August 2017, leading TPR to fine the master trust's trustees £50,000 and issue a further £20,000 penalty for failing to keep members properly informed. All members have now been moved to a purpose-built platform, named ‘Gateway', while member data has been improved and data has been rebuilt for more than 350,000 members; a...
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