PBGC and UK Pension Bodies Agree to Share
November 5, 2009 (PLANSPONSOR.com) - A new agreement
between the Pension Benefit Guaranty Corp. (PBGC) and the
United Kingdom's Pensions Regulator and Pension Protection
Fund provides a framework for information sharing across the
pond.
According to a PBGC announcement, under a Memorandum of
Understanding, signed Wednesday, the three agencies "will
share any unrestricted information that advances the
security of defined benefit plans sponsored by private
sector companies." Confidential financial information from
those companies will not be shared.
"The agreement is a reflection of the mutual interests
of the three agencies and the global reach of corporate
entities that sponsor pension plans," the announcement
said.
While the agreement facilitates broad access to data,
intelligence, and other records, it is not legally binding,
and can be cancelled at any time by any party. In addition,
the agencies are not compelled to lend assistance to each
other, especially if legal proceedings are underway, and
such assistance would be contrary to the interests of
either country.
"In today's global business world, pension
regulators often face common issues that cut across
national boundaries," said Vince Snowbarger, acting
director of the PBGC, in the announcement. "This
agreement gives the PBGC and our UK counterparts a
framework for appropriate sharing of information and
cooperation in carrying out our missions."
Rebecca Moore
editors@plansponsor.com