Stuart Dixon, previously finance director and company secretary of Biltons Tableware in Stoke-in-Trent, in September became the first person to be jailed under the Pensions Act for failing to pay employees' pension contributions into the company's occupation pensions scheme on time.
Mazars said: 'In recent years the regulation of pension schemes has become increasingly stringent. With the Maxwell scandal raising the public's awareness of just what can go wrong, private occupational pension funds (which amount to some £600 billion in the UK) are now demanding the highest standards of stewardship from those in charge of their administration.'
'The primary responsibility for managing the affairs of schemes and safeguarding the assets and interests of members rests firmly with the trustees,' said Andrew Hubbard, partner in charge of pension audits at the firm. 'And there is no doubt whatsoever that the regulatory regime set in motion when the Occupational Pensions Regulatory Authority (OPRA) was launched is now becoming effective ? and beginning to bite hard when necessary!'
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