The Pensions Regulator (TPR) has moved to relax rules governing some UK pension schemes as low gilt yields are leaving hundreds underfunded.
Employers will be given extra time to top up the schemes and will also be able to pledge assets such as property to shore them up. Without this help, TPR fears the schemes involved could be closed down. TPR acknowledged that poor returns on gilts, in which many pension schemes are invested, were driving up measures of liabilities. But the organisation also had a strong warning for employers that were underfunding schemes or cutting back recovery plans where affordability is not an issue. TPR chief executive Bill Galvin said: "The economic climate continues to be challenging, but...
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