The Pensions Regulator

Regulator confirms suspension of pension scheme trustee

Ref: PN08-18
14 August 2008

The Pensions Regulator today issued the following statement in relation to the suspension of GP Noble as trustee of a number of pension schemes:

“We can confirm that the Pensions Regulator decided that it was appropriate to suspend GP Noble, and replace them as independent trustee, from a number of schemes. This was due to their actions in relation to certain schemes giving cause for concern.

“We can confirm that members' benefits are not at risk.

“As these matters are subject to an ongoing investigation, and details of the case restricted information under the Pension Act 2004, we are unable to comment further at this time”

Editor's notes

1. The Pensions Regulator is the regulator of work-based pension schemes in the UK, with objectives to protect members' benefits, promote good administration and reduce the risk of calls on the Pension Protection Fund. Our approach is risk-based focusing on education and enablement, with enforcement where appropriate. We have the ability to:
   
2. • collect information about pension schemes; through scheme returns, under the scheme funding regime and as well as statutory (including whistleblowing) reports;
   • issue notices requiring actions to tackle non-compliance, prohibit trustees who are judged not fit and proper to carry out their duties or appoint independent trustees;
   • direct pension schemes as to how to calculate their liabilities and the contributions required;
   • issue a contribution notice where there is a deliberate attempt to avoid liabilities, or a financial support direction where the employer is a service company or insufficiently resourced.