The Bradford and Bingley plc Transfer of Securities and Property etc. Order 2008 (‘Banks and Banking S.I No 2456 Schedule 3’) is apparently detrimental to public sector pensioners. It ring-fences company assets and exempts Bradford and Bingley from potential liabilities under sections 75, 38 and 43 of the Pensions Act 2004. These potential liabilities include the Pensions Regulator’s right to issue Financial Support Directions, the very same ‘significant powers’ so vigorously exercised only last year.
So, asks the Institute for Turnaround, whose members were recently described in the national press as, ‘corporate firefighters, almost heroic figures,’ must a financially distressed private company provide financial support for its pension scheme while a struggling public entity is exempt from the same duty?
“Not only is this inequitable and confusing; it comes at a time when the government’s proposed Pensions Bill amendments seek to take even more draconian powers to control company assets, said Institute for Turnaround Chief Executive Christine Elliott.
“Heaven help public sector pensioners and the multiple private failing companies currently in accident and emergency. The government won’t be giving them the kiss of life.”
For further information contact:
Christine Elliott, Chief Executive firstname.lastname@example.org
Out of hours emails: email@example.com
Telephone – 020 7324 6219; Mobile – 07812 370121
Emma Taylor, Marketing Services Executive – 020 7324 6217
The Institute for Turnaround (IFT) is Europe’s leading professional body for the whole Turnaround Community. IFT was founded in 2000 as The Society of Turnaround Professionals. We have a membership of rigorously accredited turnaround executives, advisers and corporate partners representing the best in law turnaround expertise.
The Institute exists to create value for ALL stakeholders.
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