Reward Strategy. Incoporating Payroll World.
Hello there,

You are viewing this article as a guest, please login or register to read more. 

Dominic Chappell ordered to pay £9.5m into BHS pension schemes 

The Pensions Regulator (TPR) has published a determination notice outlining its decision to issue contribution notices for £9.5m against Dominic Chappell.

TwitterLinkedInFacebook
These issuings mark the end of TPR’s anti-avoidance enforcement against Chappell
These issuings mark the end of TPR’s anti-avoidance enforcement against Chappell

These notices are in respect of the two pension schemes connected to the collapsed high street chain BHS.

 

The notice outlines that TPR’s determinations panel will consider a broad range of factors in deciding whether there has been material detriment to a pension scheme, including those where the detriment cannot be easily quantified.

 

In this case the panel concluded that a series of acts were materially detrimental to the pension schemes. These included the acquisition of BHS, management decisions of the company, the appointment of inexperienced board members, the implementation of an inadequate business plan and the way money was extracted and distributed to Chappell, advisers, company directors and family members.

 

In January 2018, the panel ruled that two contribution notices for a total of £9,542,985 be issued against Chappell.

 

Chappell referred the decision to the Upper Tribunal. Following a lengthy legal process, that reference was struck out by the Upper Tribunal, and so the decision of the determinations panel stands. Contribution notices against Chappell were subsequently issued in August 2019. The Pension Protection Fund is responsible for obtaining the money from Chappell, for the benefit of the schemes.

 

Nicola Parish, TPR’s executive director of frontline regulation, said: “We are pleased that the decision to issue two contribution notices to pay money into the BHS pension schemes stands.

 

“This case illustrates how TPR is willing to pursue a case through the courts to seek redress for pension savers. It illustrates the situations our anti-avoidance powers were designed to meet and which allow us to protect the retirement incomes that savers deserve.”

 

The issuing of the two contribution notices marks the end of TPR’s anti-avoidance enforcement against Chappell.

TwitterLinkedInFacebook
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

You might also like

How to improve employees’ financial wellbeing

How to improve employees’ financial wellbeing


Royal London: “Young people face £18,000 pension pot penalty”

Royal London: “Young people face £18,000 pension pot penalty”


Software specialist calls for payroll to have a seat at the table

Software specialist calls for payroll to have a seat at the table


Will you make The Reward 300 2020?

Will you make The Reward 300 2020?

LATEST PAYROLL AND REWARDS NEWS IN YOUR INBOX

Reward Strategy homepage
Reward Strategy RSS

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

reward-strategy.com - an online news and information service for the UK’s payroll, reward, pensions, benefits and HR sectors. reward-strategy.com is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Reward Strategy is committed to diversity in the workplace.
© Copyright Shard Financial Media Ltd