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MPs' pensions inquiry: ‘The lessons of BHS must be learnt’

The work and pensions committee is asking for fresh evidence relating to defined benefit pension schemes, including the role of the pension scheme trustees, The Pensions Regulator and the Pension Protection Fund, following the collapse of BHS, which left a black hole previously been valued at around £571m.

“The lessons of BHS must be learnt,” said Frank Field, the chairman of the committee who has led the inquiry into the high street chain’s demise. “This may mean strengthening the powers and resolve of the Pensions Regulator to act early, quickly and firmly with those who seek to avoid their pension responsibilities.

“It is important, however, that businesses that are run reputably and responsibly are not put under undue restriction. Ultimately, defined benefit schemes must be placed on a sustainable footing.”

The committee is looking at issues such as whether increased supervision and more proactive regulation are needed, and whether there should be 0additional measures for private companies or those with complex and multinational group structures.

The deadline for new evidence is September 23.

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