The UK's Pensions Regulator has issued its first fines against a number of master trust schemes for failing to complete their so-called "chairs' statements."

The trustee of Nurture Master Trust, MC Trustees Ltd, was ordered to pay the maximum fine of £2,000 for failing to prepare a chair’s statement for the scheme. This was because the scheme had a professional trustee in place and there were no mitigating factors.

Separately, the trustees of the Save and Prosper Funds were fined a total of £3,020 after failing to prepare a chair’s statement for three master trust schemes. In all the schemes the relevant trustees have now produced the requisite statements.

Nicola Parish, the executive director for front-line regulation, said that it was the regulator's policy to impose a penalty wherever trustees of schemes fail to prepare annual governance statements signed by their chairmen. These requirements apply equally to trustees of master trusts. The regulator expects professional trustees to meet a higher standard of care and to know and understand more than other trustees.

The three Save and Prosper master trust schemes are Save and Prosper Personal Retirement Account, Save and Prosper Company Pension Scheme and Save and Prosper Personal Retirement Account Simplified Pension Scheme.