The trustees and Telent have also agreed a number of additional measures designed to protect members’ interests and safeguard the future governance of the scheme.
The undertaking and associated governance documentation address the regulator’s concerns, which led to the appointment of three independent trustees in October last year.
The new structure will govern the scheme after the expiry of the trustee appointment on April 18.
The Pensions Regulator was concerned Pension Corp would try to gain access to Telent’s £514m escrow fund after it bought the firm in October. It could do this by appointing corporation members to the board and aggressively investing the fund against the interests of members.
A Pensions Regulator spokesperson says: “These measures address our concerns over the significant risk posed by conflicts of interest for the telent scheme, and put in place a structure designed to protect members’ interests and safeguard the future governance of the scheme. However, this does not rule out use of our powers in relation to the scheme in the future.”