UK - Including occupational pensions under TUPE for private sector transfers will create serious difficulties for employers, the Engineering Employers' Federation warns.
It said the move could even mean the closure of parts of businesses because employees would be unable to be transferred.
But the EEF welcomed the amendment of section 67 of the 1995 Pensions Act which makes it easier for companies to change scheme rules – a move which it claims will stop the tide of companies closing DB schemes.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.