TPR removes authority for 29 schemes from GP Noble

PP understands the schemes were under the control of Nottingham-based GP Noble but are now under the trusteeship of Independent Trustee Services.

Sources said GP Noble’s clients were switched after the Pension Protection Fund raised concerns to the regulator. The company no longer appears on the regulator’s approved panel of independent trustee firms listed on its website.

A senior industry figure told PP: "This appears to be a significant intervention by the regulator. In the absence of a formal announcement the rumour mill is working overtime. Other trustees whose names are being incorrectly associated with the affair would like to see some clarification to dispel the rumours."

Official TPR documents, seen by PP, show ITS was appointed as trustee to the 29 schemes last month.

The documents said: "The order is made because The Pensions Regulator is satisfied that it is necessary to do so in order to secure the proper use or application of the assets of the scheme pursuant to section 7(3) (c) of the Pensions Act 1995."

Some of the schemes listed include Bagshaws of Melton Limited Retirement Benefits Scheme, Berry Birch & Noble Staff Pension Fund; Cuthbert Heath Family Security Plan; Hill and Tyler Pension and Assurance Scheme and the London Laminates Limited Executive Pension Plan.

A spokeswoman for the regulator said she was unable to comment on "individual cases because this is restricted information under the Pensions Act 2004".

A spokesman for the PPF also declined to comment. ITS and GP Noble also refused to comment.