UK – The Government has drafted regulations to speed up and introduce greater accountability in winding up occupational pension schemes.

No further details about the draft are yet available.

The proposals have been issued for consultation and legislation is expected to come into force in April next year.

Say the minister for pensions, Ian McCartney : “These regulations are a significant step towards making the process of winding up pension schemes more efficient and transparent.”

According to the Department of Work and Pensions, the winding up of a pension scheme can be a “protracted and complicated process, causing uncertainty for members, particularly in the case of employers going out of business”.