Regulator Sees 400% Increase In Fines

Opra, the pensions regulator, has seen a fourfold increase in punitive measures taken against occupational pension schemes within the last year.  They recorded in their annual report financial penalties totalling to £632,000 for a range of offenses, compared to £158,000 for last year and £66,200 imposed in 1999-2000.  Fines were imposed on 590 trustees for breach of audit requirements and totalled £267,960.  Breaches of minimum funding requirements stood at 451 cases with fines imposed totalling £11,250.  Opra disqualified 11 trustees for lacking the required skills.  Opra appointed independent trustees to pension schemes worth over £45 million, in the event of company liquidation where there are no longer trustees overseeing the pension fund, and received over 250,000 reports relating to its new responsibilities for personal pensions.Their helpdesk received over 40,700 enquiries and saw an increase in website traffic from 74,000 to 460,000.  If you need help with your pension scheme visit the Pensions Adviser.com or contact us.