TPO makes submissions to the inquiry into Norton pension schemes
Date:
The Pensions Ombudsman (TPO) has made submissions to the Work and Pensions Committee as part of the inquiry: Norton pension schemes and the Fraud Compensation Fund (FCF).
In June 2020 TPO issued a Determination in which Mr Garner was found to have committed multiple dishonest breaches of trust and maladministration and was directed to pay approximately £10.6 million plus interest to the pension schemes.
In light of this Determination, TPO supports, amongst others, the following actions to help safeguard members’ pension funds and deter trustees from acting dishonestly in the future:
- Working collaboratively with TPR and other relevant bodies to prevent the dissipation of assets and progressing cases against dishonest trustees in a more efficient manner.
- Introducing increased regulatory requirements at scheme set-up.
- Raising public awareness and working with other stakeholders to identify trends, which TPO is already actively contributing to.
- Broadening TPO’s information-sharing powers with other bodies such as the police to help prevent the dissipation of scheme assets or those in the possession of a dishonest trustee.
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