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.
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