Guidance on clearance statements

The new regulator takes office on Wednesday armed with the powers to ensure employers do not avoid their pension liabilities. The watchdog will be able to send out contribution notices to those failing to act, so as to avoid pension liabilities, along with financial support directions, where an employer linked to the scheme is a service company or is not sufficiently resourced. The powers serve as a way of protecting the benefits of members attached to work-based pension schemes, while also reducing the risk of schemes needing to be admitted to the Pension Protection Fund (PPF). The...