Prime minister Theresa May has pledged to give 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.
On Sunday the Observer reported that the government will unveil plans to hand extra powers to TPR in a white paper on DB schemes due to be published this week. 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 (pictured) 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.'
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