Johnston Press Pension Plan - Regulatory intervention report
PDF
153KB
, 6 pages
Published: March 2019
Our investigation into the Johnston Press Pension Plan after the Johnston Press Group went into administration and its business and assets were sold as part of a pre-pack deal. We concluded there was no evidence to use our anti-avoidance powers.
Now: Pensions – Regulatory Intervention Report
PDF
235KB
, 8 pages
Published: February 2019
Our intervention after receiving notification of the failure to monitor employer contributions. We used five powers in this case: a Skilled Person’s Report, an Improvement Notice, a Third Party Notice, a Penalty Notice and a Section 10 fine.
Scottish Teachers' Pension scheme - Regulatory intervention report
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123KB
, 8 pages
Published: October 2018
The action we took after the Scottish Teachers Pension Scheme failed to provide Benefit Information Statements to its scheme members. This was the first time we issued an Improvement Notice to a public service pension scheme.
Coats Group Plc - Regulatory Intervention report
PDF
91KB
, 8 pages
Published: June 2017
Our action that led to thread manufacturer Coats Group agreeing a settlement worth £329.5 million with the pension scheme trustees. This included the threat of using a financial support direction (FSD).
5G Futures - Regulatory Intervention report
PDF
230KB
, 6 pages
Published: April 2017
Why the Determinations Panel prohibited John Williams and Susan Huxley, the trustees of the 5G Futures Pension scheme, from being trustees of any other pension scheme again. The case involved pension liberation and breaches of investment and governance duties.
Teachers' Pension Scheme - Regulatory Intervention report
PDF
59KB
, 5 pages
Published: February 2017
The failure of the administrators of the Teachers’ Pension Scheme to supply end of year certificates and how our engagement with the employers meant we achieved a good outcome for the scheme without having to use our powers.
Monarch Airlines - Regulatory Intervention report
PDF
129KB
, 7 pages
Published: December 2016
Our involvement in Greybull Capital’s acquisition of Monarch Airlines, our consideration of using Contribution Notice and Financial Support Direction anti-avoidance powers, and our decision to approve a Regulated Apportionment Agreement.
Database Group - Regulatory Intervention report
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99KB
, 5 pages
Published: October 2016
After we threatened to use our Financial Support Direction and/or Contribution Notice anti-avoidance powers, the parties who had applied to us for clearance agreed to buy out the scheme members’ benefits in full.
DCT Civil Engineering - Regulatory intervention report
PDF
83KB
, 5 pages
Published: October 2016
The involvement of TPR and the Pension Protection Fund in DCT Civil Engineering’s DB scheme after a 2010 deed moved the scheme from a defined benefit to defined contribution scheme. We used our power under s67G of the 1995 Pensions Act to modify the deed.
Swindon Town Football Company Limited - Regulatory Intervention report
PDF
50KB
, 6 pages
Published: April 2016
The failure by Swindon Town Football Company to put its eligible employees into a pension scheme from their start date. We issued the company with an Escalating Penalty Notice (EPN) that increased by £2,500 per day. The final fine paid was nearly £23,000.
Docklands Light Railway Pension Scheme - Section 89 report
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68KB
, 6 pages
Published: September 2015
We considered using our s231 powers after the trustees of the scheme failed to meet their deadlines for the 2009 and 2012 valuations. A settlement worth £37m was eventually reached between the trustees, Serco and Docklands Light Railway Pension Scheme.
Carrington Wire - Section 89 report
PDF
57KB
, 5 pages
Published: May 2015
This report concerns the sale of Carrington Wire Limited (CWL) to Severstal and the sale of CWL for £1 to Richard Williams. Our regulatory action (including consideration of our Contribution Notice powers) resulted in in an offer of £8.5 million towards the pension deficit of £17.7 million towards directors based in Russia.
Desmond and Sons - Section 89 report
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49KB
, 4 pages
Published: May 2015
The Contribution Notices (CNs) issued by the Determinations Panel against two former shareholders of Desmond & Sons. The shareholders appealed the CNs, and after they reached a confidential settlement the trustees of the former company’s pension scheme, the CN was withdrawn.
LPA Umbrella Trust - Section 89 report
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75KB
Published: November 2014
We were concerned that the main purpose of the LPA Umbrella Trust and its related schemes was to provide a cash payment to the member rather than member benefits. Following our intervention the schemes were wound up and members who had transferred were encouraged to contact The Pensions Advisory Service in line with the scams campaign.
UK Coal - Section 89 report
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51KB
, 6 pages
Published: November 2014
The restructuring of UK Coal and TPR’s intervention to ensure that the interests of the pension scheme were protected. It should be read in conjunction with the January 2013 section 89 report.
Kodak Pension Plan - Section 89 report
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47KB
, 6 pages
Published: November 2014
This report examines what happened to the Kodak Pension Plan after its US parent company, the Eastman Kodak Company filed for bankruptcy. A Regulated Apportionment Arrangement (RAA) was approved and this report analyses the backdrop to that decision.
MG Rover Group senior pension scheme - Section 89 report
PDF
38KB
, 4 pages
Published: November 2014
The actions that led to MGR Capital Limited paying £8.085m towards the MG Rover Group senior pension scheme, meaning that the scheme was wound up without the involvement of the Pension Protection Fund.
Lehman Brothers pension scheme - Section 89 report
PDF
44KB
, 4 pages
Published: August 2014
The decision to issue Financial Support Direction (FSD) notices to the UK company responsible for the American bank’s UK operations. The settlement was sufficient to buy out members’ benefits in full.
Dunelm Soft Furnishings Ltd - Section 89 report
PDF
52KB
, 4 pages
Published: April 2014
Dunelm Soft Furnishings had failed to complete automatic enrolment on time for some of its employees. This report details the investigation that took place, and how Dunelm paid £108,000 in unpaid contributions.
MF Global - Section 89 report
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73KB
, 2 pages
Published: October 2013
The actions the we took regarding MF Global’s defined benefit scheme after the company entered insolvency. A settlement was agreed which meant that the scheme was wound up outside the Pension Protection Fund.
UK Coal - Section 89 report
PDF
62KB
, 5 pages
Published: January 2013
The restructuring of UK Coal into two separate businesses, highlighting the process that led to the pension fund taking control of the company.
GP Noble Trustees Ltd (GPNT) - Section 89 report
PDF
101KB
, 3 pages
Published: July 2012
Our investigation into GP Noble Trustees Limited as we were concerned about how they were investing scheme assets. As a result of our action, including suspending the trustee and appointing an independent trustee, £36m of members’ money was recovered.
Uniq - revised section 89 report
PDF
103KB
, 5 pages
Published: May 2013
The case of Uniq PLC, a company that had a pension scheme with a very large pension deficit. A Regulated Apportionment Arrangement (RAA) was approved, that saw the pension scheme take control of 90.2% of the company and list on AIM. The company was subsequently acquired by Greencore foods for £113 million.
Hugh Mackay Retirement Benefits Scheme - Section 89 report
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85KB
, 3 pages
Published: January 2012
The action we took over governance issues for the pension scheme of Hugh Mackay. The scheme was investing in unsuitable areas such as direct property investments, and as a result we prohibited the trustees.
Polestar - Section 89 report
PDF
44KB
Published: October 2011
The background to the restructuring of Polestar Group and the subsequent impact on the pension scheme. The decision was ultimately made by the trustee to wind up the scheme.
Great Lakes - Section 89 report
PDF
114KB
, 2 pages
Published: July 2011
The effect on the Great Lakes pension scheme after its US sponsoring employer the Chemtura Group went into administration. After threatening to use our financial support direction powers, the Chemtura Group agreed to make a contribution of £60m to the scheme.
Bonas - Section 89 report
PDF
68KB
, 2 pages
Published: June 2011
The issue of our first ever Contribution Notice (CN). This power allows us to intervene where an employer avoids responsibilities to a pension scheme. In this case the CN was for £60,000.
GEC 1972 Plan (telent) - Section 89 report
PDF
50KB
, 6 pages
Published: April 2008
The issues we identified around the proposal by the Pension Corporation to acquire telent PLC. As a result of our intervention (which included appointing an independent trustee), the Pension Corporation agreed to a range of measures including a conflict of interests protocol.