People with significant control—action for pension scheme trustee companies

Table of contents

• Original news
• What are the new requirements and why are they being introduced?
• What do trustee companies need to do to comply with the new requirements?
• When do the new requirements take effect and what are the consequences of non-compliance?
• What should trustee companies do next?

Article summary

Pensions analysis: From 6 April 2016 most companies, limited liability partnerships (LLPs) and Societas Europaea (SEs) will be required to hold a register of people with significant control. Trustee companies are not exempt. Failure to comply with the requirements can be a criminal offence and can result in a fine or imprisonment. The Department for Business, Innovation and Skills has issued guidance explaining what needs to be done to comply with these requirements. Maralyn Thomas, director at Castle Pension Trustees, considers the guidance.