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ARTICLE · 17 DECEMBER 2008

Changes To The Moral Hazard Powers

Barlow Lyde & Gilbert LLP
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The Government has announced changes that will extend the scope of the Pension Regulator's "moral hazard" powers introduced by the Pensions Act 2004 to protect the Pension Protection Fund

United KingdomEmployment and HR
Mark Howard
Mark Howard
Kathryn Breslin
Kathryn Breslin

The Government has announced changes that will extend the scope of the Pension Regulator's "moral hazard" powers introduced by the Pensions Act 2004 to protect the Pension Protection Fund.

In April this year, the Government proposed changes to the contribution notice and financial support direction powers of the Pensions Regulator.

Following consultation, the Government has announced the final form that the amendments will take:

1. A new power for the Regulator to issue a contribution notice where the effect of an act (or failure to act) was materially detrimental to the likelihood of a member receiving those benefits the rights to which he had accrued up to the time of the act (or failure to act). The Pensions Regulator will set out in a Code of Practice the circumstances in which it expects to use these powers. The draft content for this Code has been published and the expected circumstances are:

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