Watchdog puts more final-salary schemes at risk.
Position | News Round-Up - Brief Article |
Powers given to the new pensions regulator under the forthcoming Pensions Act may deal a further blow to final-salary schemes.
The legislation, expected to receive royal assent in November, includes new "moral hazard" clauses designed to prevent companies from shifting any fund deficits to the government's pension protection fund. But Mercer Human Resource Consulting is concerned that the clauses go too far, because they are not restricted to stopping deliberate attempts to pass on deficits.
They will allow the regulator to prosecute firms whose scheme assets are worth less than the insurance buy-out costs of the benefits. Because that is generally the ease for smaller or poorly capitalised companies, this provision will discourage companies from setting up or maintaining existing final-pension schemes, according to Mercer.
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