According to reports on the pensions news, the government is likely to up levels of protection when company pension schemes are involved in a buyout. The new plans will give the pensions regulator the ability to make uninsured firms that purchase companies with pension schemes add money to protect employees.
The government is understood to be worried about third parties purchasing companies with the aim of acquiring pensions assets, letting the company slide and maintaining the pension scheme for a profit.
Pensions, the pension minister recently said, should not be viewed as commodities. O’Brien was reported as commenting: "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 most effective way to tackle this problem is to give the regulator the power to require contributions to pension schemes when an employer's actions reduce the security of ... benefits."
Legislation will force pension fund in buyout cases
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Legislation will force pension fund in buyout cases
Fri, 18 Apr 2008
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