Oct 21 2008
The government has announced a number of amendments which are to be made to the Pensions Regulator's powers.
A regulator of work-based pension schemes, the organisation aims to protect the benefits of members of such schemes.
As a result of the alterations to its powers, it is hoped that the regulator will be able to better secure members against the risks associated with the emergence of new pension buyout alternatives.
Commenting on the developments, Pensions Regulator chief executive Tony Hobman said: "Responsible employers will not be affected by these amended powers. But it is essential that the regulator is able to keep pace with market developments."
He added that the changes will only have an impact on a "small number" of schemes where pension liabilities are being put an unacceptable risk or are being actively avoided.
Mr Hobman went on to say that the regulator will implement its new powers "without hampering market activity or innovation".
