UK Money News
1st May 2008
Protection for pension schemes 'will not impact on deals'
New rules intended to protect company pensions schemes which could be jeopardised by private equity takeovers may only have limited effect, according to independent pensions consultant John Ralfe.
Under the terms of the new regulations, the pensions regulator will be granted the power to compel buyout firms to top up schemes for a year after the takeover.
It will also entitle the regulator to fine private equity firms deemed to be guilty of damaging the solvency of occupational retirement schemes.
However, according to a note from John Ralfe for RBC Markets, which was seen by the Guardian, it is claimed that these will only be used in extreme circumstances - suggesting that protection for the schemes will therefore be limited.
Mr Ralfe claimed that the most likely effect of the regulations is that they will slow down the private equity deal-making process.
The introduction of the new powers has prompted strong criticism from the private equity sector.
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