UK Money News
17th April 2008
Pensions regulator to be granted new powers
The pensions regulator is to be granted new powers to enable it to offer greater protection to scheme members.
Under the new rules, the regulator will be empowered to issue fines to companies which allow pension schemes to run into a deficit.
Meanwhile, buyout companies which acquire company pension schemes for profit will be forced to put in place provisions to ensure that members of pension funds do not lose out.
Mike O'Brien, the pensions minister, said: "There are also fears that the state safety net, the Pension Protection Fund, could be left to pick up the bill for underfunded schemes if the new owner ultimately walks away.
"Innovation is welcome but I am concerned some emerging business models might not give the same protection for pension schemes as traditionally provided by an employer."
The powers are intended for use only in "risky situations", Mr O'Brien said, noting that this restraint would avoid placing a heavy burden on employers.
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