It seems like the governments officials overseeing the scheme don't see anything wrong with Section 75:
> The Department for Work and Pensions spokesman said the rules were in place to ensure schemes were adequately funded.
> He said: "We have a duty to protect members in their retirement, ensure schemes are properly funded and work with those employers who remain in a multi-employer scheme.
It seems like a giant clusterf*ck was introduced in 2005.
1. It wasn't properly communicated to anyone
2. There was a loophole that allowed a company to exit the pension for £1
3. The remaining businesses to cover the share of the deficit for everyone who had exited the scheme.
4. Most of these businesses didn't learn of the deficit until 2016, a decade after the the new math went into effect.
If the pension didn't do their duty to warn businesses of the deficit in 2005, it should be on their heads to fund the deficit, and they should not be allowed to pull from the pension fund, they have to pull from their own money.
Had these businesses known 10 years ago, they could have been paying all along an increased pension rate for their employees.
> The Department for Work and Pensions spokesman said the rules were in place to ensure schemes were adequately funded.
> He said: "We have a duty to protect members in their retirement, ensure schemes are properly funded and work with those employers who remain in a multi-employer scheme.
It seems like a giant clusterf*ck was introduced in 2005.
1. It wasn't properly communicated to anyone
2. There was a loophole that allowed a company to exit the pension for £1
3. The remaining businesses to cover the share of the deficit for everyone who had exited the scheme.
4. Most of these businesses didn't learn of the deficit until 2016, a decade after the the new math went into effect.
If the pension didn't do their duty to warn businesses of the deficit in 2005, it should be on their heads to fund the deficit, and they should not be allowed to pull from the pension fund, they have to pull from their own money.
Had these businesses known 10 years ago, they could have been paying all along an increased pension rate for their employees.