Pension scheme trustees convicted for employer-related loans

In the latest of several cases since the first successful prosecution was brought in 2019, the Pensions Regulator has secured the conviction of two pension scheme trustees for making prohibited employer-related investments (here they were loans totalling £236,000). Sentencing is due to take place at Leeds Crown Court on 7 October. Recent convictions for breaches of the employer related investment restrictions have been between three and twelve months, suspended in some cases, so it will be interesting to see the outcome here. It is worth noting that separate charges under section 80(1) of the Pensions Act 2004 (providing false or misleading information to the Pensions Regulator) were left to lie on file. 

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Company director Andrew Kyprianou, 60, of Glebe Avenue, Enfield, Middlesex and Colin Werb, 71, of The Birches, Grimsgate, Diseworth, Derby both admitted two counts of making prohibited employer-related investments at Leeds Crown Court today (Wednesday 17 August).

https://www.thepensionsregulator.gov.uk/en/media-hub/press-releases/2022-press-releases/pension-trustees-plead-guilty-to-illegal-loans?dm_i=6TA%2c7ZNVF%2cSID6FD%2cWOBVL%2c1