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Pension buyouts 'need better regulation'

By Tom Farley, Fri 20 Jun 2008 - Published in Pensions

A review of pension buyout models is needed to anticipate any threats to members' interests, the TUC has said today.

Pension holders need to be protected when a finance company takes over a scheme from an employer, the trade union insisted.

In a submission to the Department for Work and Pensions, the TUC stated that it welcomes the additional powers proposed for the pensions regulator, which it claims will protect schemes from poorly-funded buyouts and unscrupulous investors.

However, it also stated that it was vital that regulation kept up with the constantly developing buyout market.

TUC general secretary Brendan Barber said that the pension buyout market has grown at "breakneck speed" over the last year.

He added: "Without better regulation, it would only be a matter of time before we faced a scheme disaster."

Research by Life Trust Insurance has revealed that over half of Brits are concerned they will not be able to finance their retirement if they live into their 90s.