UK - The pensions regulator has reminded insolvency practitioners of the ramifications of the 2004 Pensions Act, which gives the regulator the statutory role of appointing an independent trustee to a pension scheme where the employer enters insolvency.
Clive Pugh, trustee services manager at the pension regulator said: Insolvency practitioners must comply with the Pensions Act, and ensure that they tell us when a company becomes insolvent.
“We are already having productive talks with the Association of Business Recovery Professionals to raise industry awareness about this issue and we expect that this will increase the number of reports made.
Prior to the Act coming into force in April 2005, insolvency practitioners appointed independent trustees to a pension scheme. However, under the new rules the Pensions Regulator is now responsible for trustee appointments in insolvency.
In other news, the pensions regulator's code of practice on the new scheme funding requirements for DB schemes has been brought before Parliament.
New scheme funding regulations will replace the Minimum Funding Requirement (MFR) from 30 December 2005.
The new provisions include requirements for trustees to prepare a statement of funding principles reflecting the particular circumstances of their scheme, and to put in place a recovery plan addressing any funding shortfall.
The new regulations will also ensure scheme members are kept updated about their scheme’s financial position
Additional guidance for those schemes moving to the new funding arrangements, including the transitional arrangements, will be issued by the pensions regulator in the next few weeks.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.