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Pensions

TPR hits Rentokil Pension Trustee with £25,000 fine

TPR hits Rentokil Pension Trustee with £25,000 fine

Mona Dohle
Wednesday 11th July 2018

The trustee of the Rentokil Initial DB Pension Scheme has been hit with a £25,000 fine for failing to complete two valuations, TPR announced.

The Rentokil Initial DB pension scheme covers approximately 140 current and former employees of Camberley- headquartered pest control firm Rentokil, as of 2012, it manages just over £3 million in assets. It closed to further accrual in 1999.

In its justification for the fine, The Pensions Regulator (TPR) revealed that the trustee for the scheme had failed to submit any valuations for nearly ten years, due to a planned merger with other pension schemes.

DB scheme trustees are usually required to submit their valuations  every three years. In the case of the Rentokil scheme, the trustee should have submitted valuations in 2012 and 2015, yet it had completed its last actuarial valuation in April 2009, TPR said in its determination notice.

TPR stressed that it had reminded the trustee that the planned merger was not a valid reason for failing to comply with its statutory requirements.

TPR executive director Nicola Parish comments: “The behaviours in this case were so severe that, not only did we issue Improvement Notices, we also recommended to the Determinations Panel that a fine should be imposed at a level that would be likely to improve behaviours in the future and be an effective deterrent for other trustees. We are pleased the Determinations Panel agreed with our approach.”

The trustee for the scheme has not contested TPR’s findings and has paid the fine.

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