A new package of measures have been unveiled by the Department for Work and Pensions giving the pension regulator greater powers to prevent employers from dumping their liabilities in the Pension Protection Fund.
Amendments to the pensions bill have been added to try and stop employers who might use company structures and business transactions as a cover for avoiding their pension obligations and dumping their liabilities on the new PPF. Under Section 75 of the 1995 Pensions Act, any person or company who is found by Opra to have attempted to "dump" their liabilities will be forced to pay a contribution into the pension scheme. Malcolm Wicks, pensions minister, recognises there could genuine circumstances within which a company’s scheme could be pension schemes - with a solvent group of compan...
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