The Pensions Regulator (TPR) is prosecuting the director of a professional trustee firm for failing to provide information and documents during the course of an ongoing investigation into the company.

TPR is investigating PIM Trustees sole director and shareholder, Michael Woolley, over investments made by Southbank Capital Limited, of which Woolley is also both a director and a shareholder.

The investments relate to money and assets originating from 16 pension schemes for which PIM Trustees Limited is the trustee.

TPR wrote to Wolley on 22 January 2019, asking him to produce the specified evidence by 12 February 2019.

Having failed to comply with the notice under section 72 of the Pensions Act 2004, Woolley 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.

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 can only be tried in a magistrates’ court and is punishable with an unlimited fine.

TPR has told Pensions Age that it cannot comment any further on the details of the investigation.

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