Adrian Boulding: Pension failures prompt tougher regulatory powers

2020 should see the Pension Schemes Bill 2019 pass into law - conferring significantly increased powers on The Pensions Regulator (TPR). This new legislation is designed to address holes in TPR's powers, which were highlighted in the aftermath of arguably the two most high-profile corporate pension failures of the last four years: British Home Stores (BHS) in April 2016 and Carillion in January 2018. In the BHS failure, we saw Sir Philip Green sell the business, with its associated pension scheme liability, to Dominic Chappell for £1. The pensions deficit at the time of the sale of BH...