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Pensions in 30: 5. Reporting breaches of law
Manage episode 181826156 series 1460512
Key Points
- Trustees, managers, administrators, participating employers, professional advisers and those otherwise involved in advising trustees are under a duty to report breaches of the law.
- It is essential that companies put in place procedures to comply with the Pension Regulator's Code of Practice on reporting breaches of the law.
- Trustees must bear in mind the need to act within the powers and responsibilities afforded to them in the trust deed and rules.
- When deciding whether to report, two points arise: (a) has there been a breach of law and (b) is it of material significance to The Pensions Regulator?
- It is important to have a reporting system in place and to be aware that one party's report does not automatically remove the duty from another party to report the same breach.
- The Pensions Regulator has the power to impose fines and report advisors to their professional governing bodies if they fail to report materially significant breaches.
You can find this episode and the accompanying transcript on our website: https://gowlg.co/3d1sR6F
Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.
We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r
Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41
Want to get to know us? Follow us on:
LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq
This podcast may contain information of general interest about current legal issues, but does not give legal advice.
51 episodes
Manage episode 181826156 series 1460512
Key Points
- Trustees, managers, administrators, participating employers, professional advisers and those otherwise involved in advising trustees are under a duty to report breaches of the law.
- It is essential that companies put in place procedures to comply with the Pension Regulator's Code of Practice on reporting breaches of the law.
- Trustees must bear in mind the need to act within the powers and responsibilities afforded to them in the trust deed and rules.
- When deciding whether to report, two points arise: (a) has there been a breach of law and (b) is it of material significance to The Pensions Regulator?
- It is important to have a reporting system in place and to be aware that one party's report does not automatically remove the duty from another party to report the same breach.
- The Pensions Regulator has the power to impose fines and report advisors to their professional governing bodies if they fail to report materially significant breaches.
You can find this episode and the accompanying transcript on our website: https://gowlg.co/3d1sR6F
Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.
We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r
Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41
Want to get to know us? Follow us on:
LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq
This podcast may contain information of general interest about current legal issues, but does not give legal advice.
51 episodes
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