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IoD responds to Work & Pensions Committee report

21 Dec 2016

big ben and houses of parliament by river thames

Responding to the Work & Pensions Committee’s report on Defined Benefit Pensions, Simon Walker, Director General of the Institute of Directors, said:

“This timely report proposes a number of measures which must be closely considered in light of the flaws in the system exposed by the collapse of BHS. The Committee is right to say that responsible businesses – which is to say, the vast majority – have nothing to fear from potential changes that will only increase the quality of governance in some of our best-known firms. Ensuring that the Regulator is a more active player in the period before schemes collapse, rather than offering post-mortem analysis, must be a priority.”

Lady Barbara Judge, Chairman of the Institute of Directors and former Chairman of the Pension Protection Fund, continued:

“What happened to the BHS pensioners was an outrage and the Committee is right to look at significant changes to the regulatory landscape. I have said for a long time that the Pensions Regulator needs more power to protect pensioners during the early stages of takeovers in order to avoid similar cases to BHS being repeated. We hope the Government takes this recommendation seriously.”

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