The National Association of Pension Funds (NAPF) commented on the publication this week by the Takeover Panel of consultation papers setting out proposed changes to the Takeover Code.
Darren Philp, NAPF Director of Policy, said:
“This is a welcome step. The Panel agrees with us that some of the powers that relate to employees should be extended to trustees of the company pension scheme.
“If implemented this would enable trustees to get much more information about the bidder’s intentions for the pension scheme.
“This is important as it gives trustees the information that they need, empowering them to ask the right questions and effectively represent the interests of those in the company scheme, both savers and pensioners.”
Notes to editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]