View more on these topics

MPs to weigh new powers for regulator in DB pensions inquiry

Parliament-UK-London-Building-Fog-700x450.jpg

MPs are to consider strengthening the Pensions Regulator as part of an inquiry into defined benefit pension funds following the plight of the BHS scheme.

The Work and Pensions Committee will explore whether TPR’s powers are adequate and if its processes for dealing with schemes when a company is sold are appropriate.

BHS collapsed with a pension deficit of around half a billion pounds after being sold by Sir Philip Green.

The inquiry will also explore the sustainability of the Pension Protection Fund and its funding. In addition, schemes trustees’ role will be considered.

It will also interrogate the balance between funding DB schemes and the ongoing viability of the sponsoring company.

Recommendations and evidence should be submitted by Friday 23 September.

Committee chair Frank Field says: “The lessons of BHS must be learnt. This may mean strengthening the powers and resolve of the Pensions Regulator to act early, quickly and firmly with those who seek to avoid their pension responsibilities.

“It is important, however, that businesses that are run reputably and responsibly are not put under undue restriction. Ultimately, defined benefit schemes must be placed on a sustainable footing.”

Recommended

13

Shockwaves: BHS scandal set to fuel next wave of DB transfers

Advisers are braced for another wave of defined benefit pension transfers as the collapse of high street retailer BHS sends shockwaves through a public worried about the frailty of the pension system. Labour MP and chair of the Work and Pensions committee Frank Field says previous owner Sir Philip Green holds the “final responsibility for […]

7

MPs say Philip Green has ‘moral duty’ to save BHS pensions

Former BHS owner Sir Philip Green has a “moral duty” to repair the firm’s £571m pensions deficit, according to a damning Government report on the retailer’s collapse. A joint report from the Work and Pensions and Business, Innovation and Skills Committees says Green must to act now to help the BHS pensioners. It adds this […]

Globe - thumbnail

Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com