Pensions fines

Posted on by CCKeith in Uncategorized Comments Off on Pensions fines

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The Commons Work and Pensions Committee wants to see big fines for companies that try to duck out of their pension responsibilities.

It asserts that stronger regulatory powers would have given the former BHS boss Sir Philip Green a far stronger incentive to make good on his promise to “sort” the £571 million BHS pension fund black hole.

John Ralfe, independent pensions expert, spoke to Dominic O’Connell on the Today programme said fines alone wouldn’t work and underlying legislation needed to be toughened up. When it was established 10 years ago it was designed to be flexible and there is a grey area about who is responsible when things go wrong.

Of the BHS situation Mr Ralfe said there was no firm update to be had and cast doubt on whether the deal being offered by Sir Green would leave those affected any better off in any case.

 


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