TPR issues largest ever fine

The Pensions Regulator (TRP) has issued a fine of £103,750 - the largest ever handed to trustees - to Link Pension Trustees Limited.

The fine came after Link Pension Trustees Limited was found to have failed in some of its obligations regarding the McDonald’s Franchisee Pension Scheme.

While the scheme provides pensions for 32 franchisees of the fast food restaurant chain, it remains independent from McDonalds.

The firm was fined £73,750 after failing to gather audited accounts for the scheme across four years, as well as failing to provide statutory money purchase illusions for two years. It also failed to report these breaches to TPR.

It was fined a further £30,000 after the investigation revealed that the trustee of the master trust scheme had failed to have at least three trustees on the board.

Speaking on the case, TPR’s independent determinations panel said: “The panel would have expected better of a corporate professional trustee.”