Pensions analysis: The Pensions Ombudsman has rejected a complaint about a pension transfer to a pension liberation vehicle. Martin Scott of gunnercooke LLP looks at the decision.

Pensions analysis: The Deputy Pensions Ombudsman has rejected a complaint about a pension transfer. Martin Scott of gunnercooke LLP looks at the decision.

Pensions analysis: In the determination of Mrs S (CAS-56106-J4K1), the Deputy Pensions Ombudsman has substantially rejected a complaint about a delay in the provision of a retirement illustration on a member’s redundancy. The Ombudsman found that Mrs S should not have taken such an important decision to reject an offer of alternative employment without receiving a retirement illustration. Mrs S had therefore not suffered any financial loss due to the delay in receiving the retirement illustration. Martin Scott of gunnercooke LLP looks at the decision.

Most (but not all) schemes must permit up to one-third of the trustee board to be member-nominated. There are no rules as to how such trustees are appointed but there are regulations (Occupational Pensions Schemes (Member-nominated Trustees and Directors) Regulations 2006 (SI 2006/714) and a Code of Practice issued by the Pensions Regulator.

To: the [Active AND/OR Deferred AND/OR Pensioner] Members (“[the Members]”) of the [insert name pension scheme] [“the Scheme”] From: The Trustees of the Scheme Date: [Insert date sent to members] Background Under the Pensions Act 2004 (PeA 2004), and the Pension Regulator’s General Code of Practice (“the General Code of Practice”) it is compulsory for occupational pension schemes to have arrangements in place that provide for at least one third of the trustees to be nominated by the members (unless the scheme is exempt under legislation). The General Code of Practice provides that the MNT arrangement should include provision for periodic review to establish whether the arrangement remains appropriate for the Scheme, and this should take place every three to five years. The General Code of Practice also provides that the arrangement should be reviewed when there is a material change to the Scheme’s circumstances and/or membership. In accordance with the PeA 2004 and the General Code of Practice, the trustees of the Scheme (“the Trustees”) have undertaken a review of the Scheme’s MNT arrangement and this communication: • sets

Member-nominated trustees (MNTs) and member-nominated directors (MNDs) are typically unpaid, non-professional volunteers. While they may not have much pensions expertise, traditionally they are thought to bring valuable diversity, perspective and insight into member needs to the trustee board, helping to strengthen overall governance effectiveness. With the growth of master trusts and the decline of small, private sector schemes, the traditional role of MNTs/MNDs is evolving, weakening the direct link between members and schemes. Trustee boards increasingly make use of other mechanisms, such as statutory consultations and member panels, to capture and reflect the member voice in decision-making. Statutory requirements Trustee boards must put in place and implement arrangements which provide for at least one-third of the total number of trustees to be member-nominated trustees (MNTs) or, in the case of corporate trustees, member-nominated directors (MNDs). The requirements apply to occupational pension schemes (as defined by the Pension Schemes Act 1993, s 1) set up under trust, whether defined benefit, defined contribution or hybrid. The requirements are set out in: • sections 241–243 of the Pensions

To: the [active AND/OR deferred AND/OR pensioner] members [(the “Members”)] of the [insert name of pension scheme] [(the “Scheme”)] From: The trustees of the Scheme Date: [Insert date sent to members] Under the Pensions Act 2004 (the 2004 Act) and the Pensions Regulator's General Code of Practice (the “General Code of Practice”) it is compulsory for occupational pension schemes to have arrangements in place that provide for at least one third of the trustees to be nominated by the members (unless the scheme is exempt under legislation). Background In accordance with the 2004 Act and the General Code of Practice, the trustee[s] of the Scheme (the “Trustees”) seek nominations for [insert number of member-nominated trustees sought] new member-nominated trustees from those eligible to nominate. The current position The Scheme has been operating with [insert total number of trustees] trustees, [insert number of MNTs] trustees nominated by the Members (the “MNT[s]”) and [insert number of company nominated trustees] trustees appointed by [insert name of sponsoring employer] (the “Employer”). The current MNTs

To: the Trustees of the [insert name of pension scheme] (the “Scheme”) NB: to be a valid nomination, this form must reach [insert name and address of appropriate individual] no later than [insert date and time at least one day and one month after the date the members are asked to nominate] Nominations I

In relation to an occupational pension scheme, the term 'member' is defined in PA 1995, s 124 as any active, deferred, pensioner or pension credit member of the scheme. The s 67 regime therefore protects all types of members.

The National Crime Agency (NCA) has reported that four men that were convicted and sentenced to jails terms ranging between 17 months and six years for their involvement in a global criminal global anabolic steroid manufacture and distribution enterprise in 2019, have been ordered to hand over a combined £2m under the Proceeds of Crime Act 2002 (POCA 2002). This follows from the NCA's investigation that began in 2014. Jacob Sporon-Fiedler was found to be responsible for the shipping and distribution of unlicenced drugs from India into Europe, which Nathan Selcon then sold to body builders and fitness fanatics on the black market. Alexander MacGregor was found to have set up a purpose built illicit steroid laboratory to manufacture their own branded drugs, and Gurjaipal Dhillon acted as a fixer for the importation of the 42 tonnes of drugs linked to the group. The largest confiscation order was handed to MacGregor, who was ordered to pay £1.16m within three months, or face an extra seven years in jail.

The National Crime Agency (NCA) has reported on the exposure and the sanctioning of the members of the Russia-based cybercriminal group Evil Corp in a Tri-Lateral Action with the United Kingdom and Australia. Sixteen members of the cybercrime Evil Corp group were sanctioned in UK following an investigation into the criminal activities which began from a family-centered financial crime and branched into cybercrime. These include extortion millions of dollars from victims in the healthcare, critical national infrastructure and government sectors.

Pensions analysis: In the Pensions Ombudsman determination of Mr L, CAS-77913–X7V0, the Deputy Pensions Ombudsman (DPO) has rejected a complaint about poor customer service. The DPO found that not every example of poor customer service will result in financial loss and the award of substantial compensation. Martin Scott of gunnercooke LLP looks at the decision.