7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.
In this 7 Days
- Former trustee given suspended jail sentence for making employer-related loans
- Anthony Arter appointed as new interim Chair of TPO
On 4 January 2024, TPR announced that, following a prosecution by TPR, a former pension scheme trustee has been given a suspended 10-month jail term and 150 hours of unpaid community work for using scheme funds to make five prohibited employer-related investments (“ERIs”), in the form of loans. The loans were repaid, “albeit erratically”.
ERIs are loans and certain other investments made by an occupational pension scheme to the sponsoring employer, or a person connected or associated with the employer. With limited exceptions, not more than 5% of the current value of scheme assets may be invested in ERIs. A breach of these restrictions is a criminal offence. TPR published guidance on ERIs in March 2023 to help trustees and employers comply with the requirements.
On 5 January 2024, the DWP announced the appointment of Anthony Arter as interim Chair of TPO. The appointment began on 1 January and will be for an interim period while a recruitment process is held for a permanent Chair.
Anthony succeeds Caroline Rookes, who sadly passed away last year and served as Chair of TPO since September 2019.