UK - The Pensions Regulator has demanded a private equity firm pay an £8m (US$14.2m) pension fund top-up to a firm it sold almost a year ago.
The Pensions Regulator declined to comment as the case is ongoing, but said it had the power to demand retrospective pension scheme payments from the previous owners of a company over a 'look back period' of 12 months, under the terms of the Pension Act 2004.
The Regulator added it would have to believe the measures were appropriate and its powers would not be used without due consideration. The order relating to Duke Street Capital was the first time the Regulator had acted in such a way.
Duke Street said: "Duke Street and the trustees of the DB Focus Pensions are delighted to have reached an agreement that will provide further support for the members."
Focus DIY could not be reached for comment.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.