FT/PEN/0025/0023 - [2025] UKFTT 01328 (GRC)

The Appellant referred the amount of the penalty imposed in the PN to the Tribunal under Regulation 32(1)(b) of the Occupational Pension Schemes (Charges and Governance) Regulations 2015 (“the Charges and Governance Regulations”).

The Respondent was established as the UK regulator of workplace pension schemes by the Pensions Act 2004 (“the 2004 Act”). The Respondent’s objectives under section 5 of the 2004 Act include the protecting the benefits of scheme members and promoting and improving the understanding of good scheme administration.

The PN was issued for a failure by the Appellant, as trustee of the Scheme, to comply with the requirement for trustees of specified schemes to complete a detailed value for members (“DVFM”) assessment annually. The requirement for specified schemes to complete a DVFM assessment is in regulation 25(1)(b) and regulation 25(1A) of the Occupational Pension Schemes (Scheme Administration) Regulations 1996 (“the Regulations”). A request was sent for further information to the Appellant on 8 April 2024 and a response received from the Finance Manager, which confirmed that the trustee had failed to carry out a DVFM assessment at intervals of no more than one year as required in the Regulations and did not provide any evidence that the Scheme is exempt from the requirement to complete that assessment.

The Appellant has referred the PN to the Tribunal pursuant to Regulation 32 of the Charges and Governance Regulations.

The Tribunal found that the Appellant requested a review of the PN and the outcome of the review was issued to the Appellant on 18 December 2024.