On 25 July a committee of MPs published a report on the financial collapse of BHS.
For more information on the key pensions implications, see our e-bulletin. Following this report, the Work and Pensions Select Committee announced that it will be holding an inquiry into defined benefit pension schemes.
Specific issues to be considered are:
- the adequacy of defined benefit pension scheme regulation and regulatory powers, in general and specifically in relation to the pension schemes of complex and multi-national companies;
- use of these powers by the Pensions Regulator in recent cases, including BHS;
- resourcing and prioritisation of the Pensions Regulator's supervisory work;
- implications of the regulatory approach for company behaviour, including whether it mitigates or incentivises moral hazard;
- the sustainability of the Pension Protection Fund; and
- the fairness of the PPF levy system and its impact on businesses and scheme members.
The deadline for written submissions to the inquiry is 23 September 2016.