UK prime minister Theresa May has promised to give the country’s Pensions Regulator (TPR) the power to veto mergers or acquisitions if they threaten the solvency of a connected pension scheme.
In a press release on the ruling Conservative Party’s website, the party said that “any company pursuing a merger or acquisition valued over a certain amount or with over a certain number of members in the pension scheme would have to notify the Pensions Regulator, who could then apply certain conditions”.
“In short we will tighten the rules on pensions during takeovers, and increase punishments for those caught mismanaging schemes,” the statement said.
May recently called a general election for 8 June this year, and the UK’s political parties have already begun their respective campaigns.
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