01 October 2010
A recent Pension Ombudsman's determination has found that two
trustees have caused a breach of trust after a member complained of
missing contributions.
It was only after when his company went into administration that
the complainant looked into his pension provision and identified
that five months of contributions had not yet been paid into his
pension scheme.
Anne-Marie Winton of Nabarro said:
"Here there was a small scheme, an employer in trouble, and
two trustees who did not appear to be fully aware of their duties.
All in all, a bad combination. It is not surprising that he
complained."
The Pension Ombudsman also identified that during their
investigation, they could not identify where the missing
contributions had gone and as a result, the trustees were ordered
to personally pay for the missing funds.
To view the determination click here
For trustees who wish to know more information on their duties
click here
To report late payment of pension contributions to personal
pensions click
here
To report late payment of pension contributions to occupational
money purchase schemes click here
For help in dealing with complaints click
here
