Pension Trustees – You Can No Longer Rely Upon an Exemption From the Money Laundering Regulations!

    View Authors October 2017

    Since 26 June 2017, trustees of occupational pension plans set up under trust have (for the first time) been required to keep records identifying the “beneficial owners” of their pension plans. Many pension plans have been slow to engage with the new requirements. It is important that trustees take action as failure to comply could result in criminal sanctions. This article explains who a “beneficial owner” is and gives examples of some of the information trustees might need to keep.