Administration August 3, 2002

UK Pension Reforms Should Hasten Liquidations

March 8, 2002 (PLANSPONSOR.com) - New UK legislation regulating how companies liquidate their pension funds, which takes effect in April, is expected to speed up payments to plan participants.

Reported by

Fred Schneyer

UK Pension Minister Ian McCartney said the law will require pension officials to submit periodic progress reports to the Occupational Pensions Regulatory Authority (OPRA), which has the power to take action against those it feels are causing needless delays.

In addition to making sure workers get the benefits to which they’re entitled, McCartney said the new law would also reduce costs and make the process more efficient.

Other changes are scheduled to take effect over a four-year period, according to reports.