Pen­sions Reg­u­la­tor at­tacked over Car­il­lion

The Sunday Telegraph - Money & Business - - Front page - By Christo­pher Wil­liams

THE Pen­sions Reg­u­la­tor (TPR) will this week come un­der at­tack from a pow­er­ful group of MPS over its fail­ure to pro­tect Car­il­lion pen­sions prior to its col­lapse.

An in­quiry by the joint busi­ness and pen­sions se­lect com­mit­tee is ex­pected to call for the watch­dog to be scrapped and its re­spon­si­bil­i­ties handed to a new more pow­er­ful body that would also in­clude the Pen­sion Pro­tec­tion Fund (PPF). West­min­ster sources said the re­port on one of cor­po­rate Bri­tain’s most spec­tac­u­lar im­plo­sions will be highly crit­i­cal of TPR and its lead­er­ship.

De­spite warn­ings over the par­lous fi­nan­cial con­di­tion of Car­il­lion and com­plaints from trustees about its un­will­ing­ness to ad­dress a pen­sion fund­ing short­fall, TPR failed to in­ter­vene be­fore it col­lapsed, leav­ing a deficit of up to £2.6bn.

TPR, led by chair­man Mark Boyle and chief ex­ec­u­tive Lesley Tit­comb, last week sought to pre-empt crit­i­cism with a new cor­po­rate plan that promised “a quicker and tougher” ap­proach and a crack­down on com­pa­nies not tak­ing their pen­sions reg­u­la­tions se­ri­ously.

A spokesman for the com­mit­tee de­clined to com­ment on its find­ings ahead of pub­li­ca­tion.

Frank Field, the Labour chair­man of the com­mit­tee, warned in Feb­ru­ary that TPR’S fail­ings over Car­il­lion called for the Gov­ern­ment to “look se­ri­ously at the whole state of the op­er­a­tion”, and said “a more ef­fec­tive agency or agen­cies to de­fend pen­sion­ers” is re­quired.

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