Examines Roles of TPR and PPF and Defined Benefit Schemes Review of Various Submissions to The Select Committee for Pensions : Occupational Pensioner Associations Examines Roles of TPR and PPF and Defined Benefit Schemes

Problems and Issues Issues to be Tackled Reduction of Deficits Current and Future Problems facing Pension Schemes Issues to be Tackled Defined Benefit Legacy Three Year Valuations Managing Deficits Change of Employer and Overseas Takeover Strength of Employers Covenant Trustee Chair & membership Employee Trusteeship Active Employee membership and regular Contributions Reduction of Deficits Use of any Surpluses Investment Strategies Meeting Regulator’s Levy applied by PPF Government Legislation

OPA: Submission to Select Committee-TPR Role and Powers Greater Emphasis on Supervision& Regulation Inadequacy & failure to use regulatory powers The Level of Resources for TPR & Prioritization Additional Measures for MultiNationals & ORS Pre-ClearanceSystem :BHS&BernardMatthews Powers relatingScheme RecoveryPlans/Timing Impact of TPR actions on Commercial Policy, Operations and Viability

Pensions Protection Fund Role & Operations Sustainability of Revenue and Asset Funding Two Year Period required for Assessment Insolvency or prior still essential to avoid dumping by Companies which seek Exit No alternative Lifeboat if Insurance takeover unlikely Takeovers or mergers with Overseas eg. Nortel

Roles & Powers of PensionTrustees Still skewed towards Employer interests Fewer Employee Trustees from active/retired Involvement in major Decisions restricted More Professional or Independent Trustees 50%/50% rule not applied generally Few Negotiating rights for Pensioners

Relationships between TPR, and PPF, Trustees and Employers Closer Working Relationships required Exchange and Briefing on key Issues & Problems affecting Pension Fund Operations Balancing Pension Obligations with Ongoing Viability of Sponsoring Employers: Minimise any adverse impact by managing Cash Flows including restricting or controlling timing of Dividend Payments eg BHS Impact on Intergenerational Fairness and use of Exceptional Approach & with RPI/CPI Indexation