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1130843
star this property registered interest false more like this
star this property date less than 2019-06-10more like thismore than 2019-06-10
star this property answering body
Department for Work and Pensions more like this
star this property answering dept id 29 more like this
star this property answering dept short name Work and Pensions more like this
star this property answering dept sort name Work and Pensions remove filter
star this property hansard heading Arcadia Group: Pensions more like this
unstar this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government why the Pensions Regulator has allowed the owners of Arcadia Group to phase their contribution to address that company’s pension deficit over a period of time instead of a single up-front payment; whether the Pensions Regulator is using financial advisers to determine whether Arcadia’s business plan will eventually cover the deficit; and if so, who are those advisers. more like this
star this property tabling member printed
Lord Myners more like this
star this property uin HL16210 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-06-24more like thismore than 2019-06-24
unstar this property answer text <p>The pensions framework established by Parliament in the Pensions Act 2004 sets out that ongoing employers may address the funding of their scheme deficits over a reasonable period of time. This responsibility falls on the company rather than its owners, other than where The Pensions Regulator has used its anti-avoidance powers. This approach of spreading funding of deficits was established to balance the needs of schemes with those of their sponsoring employers.</p><p> </p><p>The Arcadia trustees and the Arcadia group took an approach which was similar to many other schemes and employers in establishing recovery plans to address their schemes’ deficits over a number of years. In response to a request to vary those recovery plan payments, made in conjunction with the Arcadia Group’s Company Voluntary Arrangements proposals, The Pensions Regulator, working alongside the trustees and the Pension Protection Fund, has negotiated robustly to secure an enhanced package of support for the pension schemes in connection with a successful Company Voluntary Arrangement, worth significantly more than would be received if the Company Voluntary Arrangement is not successful and Arcadia Group Ltd becomes insolvent. This represents appropriate protection, in challenging circumstances, and is equitable in the context of the wider Company Voluntary Arrangements process.</p><p> </p><p>In assessing the turnaround plan presented by Arcadia, The Pensions Regulator has been informed by the analysis carried out by professional advisers to the trustees. The Pensions Regulator has considerable expertise in restructuring situations and this includes people in its regulatory teams with a background working in big chartered accountancy firms and restructuring operations in banks.</p>
star this property answering member printed Baroness Buscombe more like this
star this property question first answered
remove filter
star this property answering member
3349
star this property label Biography information for Baroness Buscombe more like this
star this property tabling member
3869
unstar this property label Biography information for Lord Myners more like this