Mel Charles emphasized TPR's commitment stating, "Our action against two targets will reduce the pension scheme's deficit and our report shows how we will pursue those who extract funds to the detriment of scheme members." This underlines TPR’s role in protecting pension funds and their members.
The case involved a £3.6 million payment directed by a subsidiary of MFSL, which TPR deemed detrimental as the funds should have been allocated to the defined benefit pension scheme, leading to a substantial deficit.
Following the payment, TPR intervened using its anti-avoidance powers against Anant Shah and Rohin Shah, requiring over £3 million in contributions to alleviate the pension scheme's shortfall.
TPR's regulatory intervention report details how complex commercial arrangements were scrutinized to safeguard pension members' interests, reaffirming TPR's mandate to investigate and act on fund extraction.
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