Pension Schemes Trustees: Fit and Proper

Pension scheme trustees must be fit and proper in connection with money laundering checking from 1 April.

All trust and company service providers must be registered for government checks to combat money laundering.  Independent trustees face being fined unless they register with HM Revenue and Customs to comply with strict new money laundering regulations.  

Actuarial firms providing trustee services should check their position as the Institute of Faculty of Actuaries do not appear to be included in the list of recognised designated bodies set out in the regulations.

Our view

The regulations are principally to prevent ‘shady’ individuals access to trust or company service provider sectors and laundering money into legitimate schemes.  This is good news as pension scheme trustees must monitor and record their basic day to day activities.  

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