The Pensions Regulator (TPR) is prosecuting director and shareholder of trustee firm PIM Trustees, Michael Woolley, for failing to provide information and documents in support of an ongoing pensions investigation.
On 22 January 2019, TPR issued a notice in writing under section 72 of the Pensions Act 2004, requiring Woolley to submit specified documents and information pertaining to an investigation in to investments made by advisory firm Southbank Capital. The deadline for providing this paperwork was 12 February 2019.
The investigation links the investments made by Southbank Capital to money and assets originating from 16 different pension schemes, where PIM Trustees acts as the trustee.
Woolley has been accused of failing to comply with the written notice issued by TPR, neglecting or refusing to produce the required documents without a reasonable excuse; this is an offence under section 77(1) of the aforementioned Act. This offence is triable in a magistrates’ court and is punishable with an unlimited fine.
Woolley has been summoned to appear at Brighton Magistrates’ Court on 13 November 2019.
