tPR suspends first independent trustee
UK - The UK's Pensions Regulator (tPR) has for the first time used its powers to suspend an independent trustee over concerns about the way some of the schemes the trustee administered were being run.
In a written statement issued today, tPR said it had suspended GP Noble Trustees from 29 schemes, as part of an ongoing investigation.
It is the first time it suspends an independent trustee, though the regulator has suspended a trustee before - namely in the case of the Ericsson Employee Benefits Schemecase when it prohibited David John Foster from acting as a trustee of any trust-based pension scheme, after judging him unfit to perform the role.
"We can confirm that the Pensions Regulator decided that it was appropriate to suspend GP Noble, and replace them as independent trustee, from a number of schemes," tPR said in the statement.
The suspension followed GP Noble's actions in relation to certain schemes, giving cause for concern, said tPR, though stressing members' benefits are not at risk.
A spokeswoman for the regulator declined to give any further comment since the case is subject to an ongoing investigation, and details of the case restricted information under the Pension Act 2004.
Officials at GP Noble are also not allowed to comment at present because of the ongoing investigation.
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