The Work and Pensions Committee publishes a new tranche of evidence in its inquiry into the Pension Protection Fund and Pensions Regulator. Attached are several of the key new documents, published along with the rest of the new written evidence on the Committee's inquiry page.
Calls for tighter pensions regulation
The attached PPF evidence contains some strong, clear recommendations for reform of pensions regulation. It calls for:
- "more interventionist" regulation of scheme funding
- TPR to have the power to require the winding-up of pension schemes at the request of trustees or the PPF
- TPR to have punitive powers to fine employers who seek to avoid pensions obligations
TPR itself has called for tighter regulation, including a mandatory clearance process for certain corporate transactions and the power to demand more regular scheme valuations where they have concerns.
Frank Field MP, Chair of the Work and Pension Committee, said:
"The Committee has received very important evidence from the Pension Protection Fund on lines we might take in strengthening the proactive powers and abilities of the regulatory machinery.
While the Committee will be considering these proposals in detail, the Pension Protection Fund gives us a very useful steer on reforms we may wish to propose to The Pensions Regulator and we will have a chance to put these ideas, amongst many others, to the Regulator when they come before the Committee"
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