The Pensions Regulator has questionned whether a new scheme offering to take closed defined benefit (DB) pensions off company balance sheets is in the best interests of trustees.
The Occupational Pensions Trust (OPT) yesterday said it has launched the initiative as an alternative to buyouts by insurance companies. It says it would be run as a pensions scheme 'confederation' and heralds a new approach to dealing with closed pension concerns while safeguarding and even enhancing members’ pension rights. A statement said OPT had been set up following extensive discussions with the Pensions Regulator - as well as potential members - but a spokesman for the regulator today says this should not be misinterpreted as support for the initiative. “What they’re suggesting s...
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