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May says pension shirkers will be punished

Prime minister Theresa May gives The Pensions Regulator more powers to tackle 'businesses who shirk their responsibilities'.

 
May says pension shirkers will be punished
 

Update: Prime minister Theresa May has handed the Pensions Regulator (TPR) extra powers to punish companies that 'shirk' their defined benefit (DB) scheme responsibilities. 

Following the collapse of pension schemes connected to BHS, Carillion and British Steel the government has been under pressure to enact a manifesto pledge to protect workers' pensions. 

The government has unveiled plans to hand extra powers to TPR in a white paper on DB schemes published today. This will make it easier for the regulator to step in when it detects a problem. 

'I am committed to making sure our economy works for everyone – backing businesses to create good jobs but stepping in to make sure they play by the rules,' May said. 'That’s why my government is making sure TPR has the powers it needs to crack down on the minority of businesses who shirk their responsibilities.

'The action we are taking will ensure that the majority of responsible employees, employers and pension schemes will no longer have to bail out the irresponsible few.'

2 comments so far. Why not have your say?

PaulSh

Mar 19, 2018 at 10:56

If she really wants to stop DB schemes collapsing then she needs to do two things: reverse Gordon Brown's stealth tax on dividends, and limit the ability of people to transfer out into DC schemes.

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Alan Tonks

Mar 19, 2018 at 18:37

Yes they will be asked to join the Government, reason plenty of self-seeking shirkers there!!

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