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UK pensions weekly: TPR ERI enforcement and decumulation push; PPF 7800 surplus; self‑employed savings gap; IA AUM trends; LGPS reforms and pooling; consultations and dates (14 August 2025)

Published on: 14 August 2025

Published by a LexisNexis Pensions expert
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In this issue:

  • The Pensions Regulator
  • The Pension Protection Fund
  • Members and benefits
  • Funding, surplus and investment
  • Public sector pensions
  • Dates for your diary
  • Trackers

The Pensions Regulator

TPR acts against trustees over ERI breaches involving prohibited loans and loss of scheme funds

The Pensions Regulator (TPR) has issued a report under section 89 of the Pensions Act 2004, stressing the severe repercussions for trustees who infringe employer-related investment (ERI) restrictions. The report outlines enforcement taken against two former trustees of the Worthington Employee Pension Top-Up Scheme (the Scheme) — a trust-based defined contribution occupational scheme set up in 2006 — after identifying prohibited loans to the sponsoring employer’s interests made from Scheme assets.

Stephen Smith, a trustee, received a 10-month suspended prison sentence after admitting to five unlawful loans to entities linked to Marcus Worthington and Company Ltd, the Scheme’s sponsoring employer. He was also ordered to complete 150 hours of unpaid work and pay £1,000 towards prosecution costs. In January 2023, TPR further levied a £29,000 regulatory fine on the second trustee, John Marcus Worthington, under section 10 of the Pensions Act 1995, for six ERI contraventions...

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