UK. EC2 Master fined £15,000 for not collecting or investing nearly £900,000 of pension contributions
The Pensions Regulator (TPR) has fined master trust pension scheme trustee EC2 Master, which holds assets for the Autoenrolment.co.uk master trust, £15,000 for failing to collect and invest £888,651.94 worth of pension contributions from 2,115 members.
TPR found in its determination notice, published on Friday 22 June 2018, that EC2 Master did not ensure that the Autoenrolment.co.uk master trust scheme, which is run by Smart Pension, had a proper reporting system in place to comply with statutory requirements.
This meant that Smart Pension failed to notify TPR that 498 employers had not paid outstanding pension contributions between August 2015 and May 2017 and that 2,115 pension scheme members had not been notified of this. Affected members were only informed that their contributions had not been collected and invested after TPR told Smart Pension of its duty to contact members.
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