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Pensions minister launches consultation into funding changes

Pensions minister Rosie Winterton has opened a consultation into pension funding changes for defined benefit schemes.

Speaking at the Confederation of British Industry this morning, Winterton said she would launch an informal consultation into section 75 of the pensions act.

CBI deputy director general John Cridland, says: “These proposals are very welcome, and would remove funding rules that currently do not improve pension security for employees, but add massive costs to companies looking to restructure.

“During these difficult economic times, barriers to corporate activity must be minimised if firms are to adapt and survive.

“Pension schemes are best protected by keeping the sponsoring employer committed and solvent, which means ensuring pension costs are fair and affordable.”

Section 75 is where a debt is triggered where companies with final salary schemes undertake a corporate restructure. Essentially it is around the question of companies with DB schemes that restructure their organisations.


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