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PwC appointed by Pensions Regulator

PricewaterhouseCoopers has been appointed by The Pensions Regulator to help develop a clearance procedure for the PPF.
The procedure is being put in place to give companies and individuals undertaking legitimate corporate transactions reassurance that they will not fall foul of the moral hazard clauses contained in the Pensions Act.
The Governments decision to adopt a clearance procedure was made following concerns that uncertainty as to how the moral hazard clauses may apply could have an adverse impact on the UKs corporate transactions and restructuring markets.
The moral hazard clauses, included in the Pensions Act, are designed to stop parties acting to avoid funding a pension scheme deficit by passing the liability on to the Pensions Protection Fund, the result of which would be higher PPF premiums for the rest of UK business.
PwC chief actuary for pensions in the UK Trevor Llanwarne says: “A clearance procedure for pensions will ensure British business transactions can continue, whilst ensuring protection of pension benefits. We are delighted to be assisting the Pensions Regulator programme with this important development.”
The Pensions Regulator Programme chief executive designate Tony Hobman says: “We are committed to ensuring that the clearance procedure is flexible and responsive to the needs of industry. We are very pleased that PricewaterhouseCoopers, with its wide experience of pension schemes, corporate finance and business recovery, will be working with us on this.”


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