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UK retailers to see tougher pensions policy

British retailers, high street giants and fashion employers will see policies concerning pensions be more firmly regulated.

In the wake of the BHS scandal, the Pensions Regulator announced plans to 'fortify its policing of companies following recent scandals, stating that using its powers as a last resort is no longer appropriate,' according to the Retail Gazette.

The regulator conducted wide-ranging review of its practices after its effectiveness was brought into the spotlight in the BHS trails, which saw tens of thousands of workers’ pensions jeopardised.

Last month the Pensions Regulator stated UK listed companies payed out increasing bonuses to shareholders at the expense of shoring up their pension deficits. In its report, the regulator noted continuing uncertainty over future economic conditions highlights the important of effective risk management.

Work and pensions secretary David Gauke said a whitepaper from the Department of Work and Pensions (DWP) would “set out our proposed next steps on what reform is needed to support the sector, including the powers of the regulator. Our way forward is clear and we will ensure that the system continues to balance the needs of consumers, the schemes themselves and business for the future.”

Photo credit: The Pensions Regulator Blog