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Violation Tracker UK Individual Case

Company: HIG Group
Current Parent CompanyH.I.G. Capital
Parent at the Time of the Penalty Announcement: H.I.G. Capital
Penalty: £25,000,000
Year: 2021
Date: 2 March, 2021
Offence Group: employment-related offences
Offence Type: benefit plan administrator violation
Violation Description: HIG agreed to pay £25 million to settle without liability allegations made by TPR that HIG contrived an unreasonable scheme to further its acquisition of the Silentnight company without Silentnight's employee pension scheme, leading to a loss of benefits to savers in the scheme, while without HIG's scheme to bring about an unnecessary insolvency the pension scheme would have continued successfully.
Action Type: agency action
Settlement Type: Settlement with TPA
Agency: The Pensions Regulator
HQ Country of Parent: United States
Ownership Structure of Parent: privately held
Major Industry of Parent: private equity (including portfolio companies)
Specific Industry of Parent: private equity (including portfolio companies)
Source of Data(click here)