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23-Jun-08 11:34 [Pensions]
TUC calls for pension buyout review The Trade Union Congress (TUC) has called for a full review of pensions buyout models in order to anticipate future threats to members' interests.
A Department of Work and Pensions consultation on the powers of the Pensions Regulator has been welcomed by the TUC because it proposes to protect pension schemes from poorly funded buyouts or "unscrupulous" investors that put pensions at risk.
The TUC also stated that while a "principles-based" approach to pensions regulation is the most effective method, a full review of buyouts is still needed to keep up with new business models.
"While insurance-based buyouts can provide greater security to members' schemes, the growth of increasingly complex and potentially risky new buy-out models could pose a serious threat to pension schemes," said Brendan Barber, TUC general secretary.
He added that without the introduction of better regulation it would only be a matter of time before a scheme collapsed.
Following the passing of the 2004 Pension Act, the Pensions Regulator was charged with three main tasks, including promoting good administration of work-based pension schemes.
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