This is the first time the regulator has issued fines to a master trust, with £50,000 fines for each of the entities involved in operating and governing NOW: Pensions Trust, which is one of the UK’s largest authorised master trusts.

NOW:Pensions Limited (NPL) and NOW:Pensions Trustee Limited (NPTL) were ordered to pay penalties of £50,000 each following the failures which took place on several occasions due to bounced back and wrong email addresses in April 2019, May 2021 and a further incident identified in April 2022.

Under the significant event regime NPL and NPTL were required to report ‘as soon as reasonably practicable’, generally within one day, any failure of systems or processes used in running the master trust which had a significant adverse effect on service delivery.

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