The Pensions Regulator has extensive powers at its disposal and
may be on course to receive even further tools shortly, when the
Department for Work and Pensions publishes its White Paper on
defined benefits this autumn. Recent evidence suggests that the
Pensions Regulator is already making good use of its powers and
this is only set to increase.
Yachts have been catalysts in the evolution of UK pension
regulation. Robert Maxwell's fall from the Lady Ghislaine in
1991 started the process which eventually led to the Pensions Act
1995 and the creation of the Occupational Pensions Regulatory
Authority, the forerunner of the Pensions Regulator.
More recently, images of Sir Philip Green and his wife on board
their yacht following the collapse of BHS triggered calls from
politicians (most notably Frank Field) for the Pensions Regulator
to make effective use of its regulatory powers. Images of Sir
Philip and Lady Green sailing the Mediterranean while employees
were being
