Field seeks assurances from TPR over Interserve pension scheme

Work and Pensions Committee chair, Frank Field, has written to The Pensions Regulator (TPR), seeking assurances over how Interserve pension scheme members will be affected by the company falling into administration.

On Friday (15 March), the government contractor went into administration after its financial rescue plans, drawn up by the company’s lenders, was rejected.

In a letter to TPR chairman, Mark Boyle, Field sought clarification on what Interserve pension scheme members could now expect, and whether TPR is satisfied that members have received “appropriate communication about the situation”.

He also queried whether TPR believed that the best possible outcome had been achieved for scheme members and asked what lessons the regulator had learned from its work with the ailing firm.

The letter, dated 15 March, inquired what assessment TPR had made of the pension schemes’ current funding and what assurances it has had “about future contributions to the pension schemes.

Finally, Field requested an update about what involvement the regulator will have with schemes “in the coming weeks and months”.

In December 2018, TPR announced that it was “working closely” with Interserve and its pension scheme trustees, after the firm’s share price fell to 6 pence with reported debts of £500m.

At the time, Unite the Union warned that Interserve could become “Carillion Mark Two” if it was not handled more effectively.

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