2 Pension Trustees Face Prison Over Prohibited Loans
Law360, London (May 4, 2021, 4:39 PM BST) -- Two pensions trustees could face imprisonment or fines over allegations that they broke the law by pulling money from employees' pension pots and loaning it to the plan's employer, the pensions watchdog said on Tuesday.
The Pensions Regulator said that company directors Andrew Kyprianou and Colin Werb have been charged with two counts of making prohibited employer-related investments. They allegedly used money from the Eastman Machine Company Ltd. Superannuation Scheme to make two loans to the scheme's employer, Eastman Staples Ltd.
The first loan was for £100,000 ($139,000) in 2017 and a second was for £140,000 in March 2018, the watchdog said....
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