Pension Scheme Trustees Fined For Failing To Invest £1.4M
Law360, London (October 11, 2018, 1:32 PM BST) -- Four pension scheme trustees have been fined for failing to promptly invest £1.4 million ($1.85 million) on behalf of more than 9,000 workers, the U.K. pensions regulator said on Thursday.
Trustees for Salvus Master Trust have been fined a total of £5,000, the maximum amount permitted by law, after they breached their legal duties between April 2015 and October 2016, The Pensions Regulator said.
“Pension schemes must collect and invest the contributions made by employers and employees,” Nicola Parish, executive director of frontline regulation at the regulator, said. “To have left so much money uninvested for this period of time is...
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