The government has introduced a new clause to the Pensions Bill set for debate in the Commons today, which give it powers to compel employers to top up final salary schemes, reports The Daily Telegraph.
Clause 35 would give the new pensions regulator the power to issue “contribution notices” – retrospective back to mid-2003 when the new regulator was first touted – against employers who refuse to make up shortfalls. Applying retrospective powers to the clause is a “blatant attempt” by the government to stop a run on the Pension Protection Fund when that comes into being, according to comments from law firm Macfarlanes quoted by the paper. ”It is arguably unconstitutional in that we can catch actions which were perfectly legal at the time and which were designed to protect the very jo...
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