2010
Statement on article regarding Visteon UK pension scheme
Ref: PN10-07
Thursday 22 April 2010
The Pensions Regulator would like to make clear that none of the details relating to Visteon UK’s pension scheme published in Pensions Week (dated 19/4/10) were disclosed by the regulator.
The regulator takes very seriously its duties to keep confidential any restricted information received by it in the course of its regulatory activities.
In order for the regulator to carry out its work protecting pension scheme members and the PPF, it is vital that companies, trustees and their advisers know that commercially sensitive information supplied to the regulator will be kept confidential.
The trustee Independent Trustee Services (ITS) has clarified to Pensions Week that the transfers took place from the Visteon UK pension scheme to other occupational pension schemes. There were no transfers of funds to companies. Both assets and liabilities were transferred, resulting in an improvement to the funding position of the Visteon UK scheme. The transfers were notified to the regulator, as required by s69 of the Pensions Act 2004.
Editor's notes
- The Pensions Regulator is the regulator of work-based pension schemes in the UK, with objectives to protect members' benefits, promote good administration and reduce the risk of calls on the Pension Protection Fund. Our approach is risk-based focusing on education and enablement, with enforcement where appropriate.
We have the ability to:
- collect information about pension schemes; through scheme returns, under the scheme funding regime and as well as statutory (including whistleblowing) reports;
- issue notices requiring actions to tackle non-compliance, prohibit trustees who are judged not fit and proper to carry out their duties or appoint independent trustees;
- direct pension schemes as to how to calculate their liabilities and the contributions required;
- issue a contribution notice where there is an attempt to avoid liabilities, or a financial support direction where the employer is a service company or insufficiently resourced.
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