Image copyright Reuters Image caption Sir Philip Green is under pressure to pay as much as £350m into the BHS pension scheme MPs have called for the Pensions Regulator to be given much stronger powers to thwart rogue employers who fail to support their pension schemes.
The Commons Work and Pensions Committee says the regulator should have the power to impose “punitive fines” of as much as £1bn.
Following the collapse of the BHS pension scheme, the MPs say the regulator itself needs to be reformed.
Specifically, it should intervene much earlier if a scheme is in trouble.
“It is difficult to imagine the Pensions Regulator would still be having to negotiate with Sir Philip Green [former owner of BHS] if he had been facing a bill of £1bn, rather than £350m,” said Frank Field, who chairs the committee.
“He would have sorted the pension scheme long ago. The measures we set out in this report are intended to reduce the chance of another scheme going down the BHS route,” the MPS added.
“We ..
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