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Pensions regulator looks to address scheme abandonment

The Pensions Regulator has issued a discussion paper and draft guidance in response to concerns over employer pension scheme abandonment.
It says the move follows industry debate about corporate deals which may lead employers to wind down their defined benefit pension schemes.
The paper invites trustees and other industry interested parties to respond to the key areas it has identified.
Chief executive Tony Hobman says: We recognise that the definition of abandonment may not be clear cut in every case. That is why we believe guidance is needed. It will help trustees identify transactions that may result in abandonment, and guide them on the factors to assess when reviewing the merits of the transaction for scheme members.”
Our position remains that, in most situations, the best means of delivering pension scheme members’ benefits is for the scheme to have the continued support of an employer of substance which is capable of meeting the scheme liabilities.

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