UK. Stronger powers announced for TPR
The Pensions Regulator (TPR) will be given the power to issue punitive fines to companies that deliberately put defined benefit (DB) pension schemes at risk, the government confirmed today.
Its white paper also outlines how legislation will be introduced to ensure company directors that have “committed wilful or grossly reckless behaviour” in relation to a pension scheme are criminally prosecuted.
Funding standards will be enforced through a revised code, focused on prudence when assessing liabilities, appropriate factors for recovery plans, and ensuring a long-term view when setting the funding objective.
Read More: The Actuary
