Sections

The Pensions Regulator

Regulatory activity

Regulatory activity

Prohibition of trustees

Criteria for 'fit and proper persons'

Charging fees for trustee services

Trustees must have authorisation, either by the scheme trust deed or, if the trustee concerned is appointed by the Pensions Regulator, by order of the regulator, to charge fees for their services. If they do charge, the regulator would be concerned where the fees charged were not reasonable in relation to the work carried out, or where the work done was not actually necessary.

The regulator would also be concerned where there is an attempt to hide the real amount being charged by the trustee - for example, where the trustee employs a service company to do work and charge the scheme but conceals the fact that the company is owned by the trustee.