The Pensions Regulator has issued its first fines against master trust schemes that failed to complete a chair’s statement.

TPR has fined the trustee of the Save and Prosper Funds £3,020 after failing to provide a statement for three master trust schemes. It has also ordered the trustee of Nurture Master Trust, MC Trustees Ltd to pay a fine of £2,000 for not providing a statement.

The regulator explained that the maximum fine of £2,000 was imposed as the scheme had a professional trustee in place and there were no mitigating factors.

In light of this, TPR has published a regulatory intervention report about both cases.

Trustees are required to confirm to the regulator that they have completed their chair’s statement via scheme return in order to meet good governance standards. In all schemes, the relevant trustee has now produced these statements to TPR.

TPR executive director for Frontline Regulation Nicola Parish, said: “Completion of the chair’s statement by trustees is a basic requirement of good governance and we expect trustees to comply.

“We will enforce the law and impose a penalty where trustees of schemes fail to prepare an annual governance statement signed by the chair of trustees. These requirements apply equally to trustees of master trusts.

“Trustees should be aware that this type of breach will result in a fine and we hope that our latest report will act as a reminder to all trustees, professional or otherwise, to ensure they complete the chair’s statement fully and on time.”

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