New legislation expected to come into force from the government’s defined benefit (DB) white paper has the potential to increase company insolvencies and send their schemes into the pensions lifeboat, a lawyer has warned.
The Department for Work & Pensions (DWP) published in March its 76-page defined benefit white paper, which besides creating new legislation to introduce a criminal offence to punish those found to have committed wilful or grossly reckless behaviour in relation to a pension scheme, also gives The Pensions Regulator (TPR) powers to disqualify company directors, and introduce new punitive fines.
The government will also consider if the introduction of a targeted mandatory clearance process for specific corporate transaction…
Read the full article at: http://www.ftadviser.com/pensions/2018/05/14/pension-rules-risk-sending-more-schemes-into-ppf/