Employers may have to "consult" on pension scheme changes

Pensions minister Andrew Smith MP implied to MPs during the second reading of the Pensions Bill employers may eventually have to give adequate notice of a closure of DB scheme. This would effectively close a current 'loophole' which, Smith said, allows company takeovers to be used as an excuse to scrap a company's defined benefits pension schemes. While there appeared to be little hope for MPs wanting to see a radical change to the PPF proposals, Smith suggests there will be stricter rules for employers wishing to make changes to their scheme. He says: "We will bring forward an ame...