The Pensions Regulator has its priorities wrong as it takes on the expanded remit given to it by the government, according to the newly re-elected chair of the House of Commons Work and Pensions Select Committee Frank Field.
Among the new powers the body has is to monitor companies to establish if large holes are opening up in pension funds, so that it can intervene before these become too great. However, it is refusing to disclose which firms it is monitoring due to the possible impact on share prices, following reports that construction firm Carillon is among those companies under scrutiny.
Speaking to City AM, Mr Field said this approach was "a marvellous way of covering inaction". He added: "What about this pension liability? They’ve got responsibility to the pensioners first." Mr Field's role as head of the committee saw him take a leading role in the last parliament in pressing Sir Philip Green to bail out the crippled BHS pension fund.