Pensions - Gowling Wlg

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.