A company director is being prosecuted by The Pensions Regulator (TPR) for failing to provide information and documents requested as part of an ongoing investigation.
Michael Woolley was asked to provide information about investments made by company Southbank Capital Limited, of which he is both a director and a shareholder. The investments relate to money and / or assets originating from 16 pension schemes for which PIM Trustees Limited is the trustee. Mr Woolley is the sole director and a shareholder of the professional trustee firm.
Mr Woolley is accused of failing to comply with a notice issued under section 72 of the Pensions Act 2004 that required the information and documents to be provided by 12 February 2019.
He has been summonsed to appear at Brighton Magistrates’ Court on 13 November 2019 to face a charge of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004, contrary to section 77(1) of that Act
- On 22 January 2019 TPR issued a notice in writing under section 72 of the Pensions Act 2004 requiring Michael Woolley to produce specified documents and information.
- It is an offence under section 77(1) of the Act to neglect or refuse to produce documents and information required under section 72 without a reasonable excuse. The offence is triable only in a magistrates’ court and is punishable with an unlimited fine.