date: 29 June 2009

embargo: For immediate release

TUC welcomes new guidance on buy-outs by the Pensions Regulator

The TUC has welcomed new guidance and a code of practice on pensions buy-outs issued by the Pensions Regulator today (Monday). TUC General Secretary Brendan Barber said:

'Pension scheme members need to know their pensions are absolutely safe if their employer passes the responsibility of paying them elsewhere. While this can be better for members' long term interests, it is important that pension scheme buy-outs are properly regulated.

'This is why unions campaigned for a change in the law and why we welcome today's code of practice and guidance from the Regulator. It does protect members without putting needless obstacles in the way of providing what can be a sensible long term option when the employer covenant is weak.'

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Press release (300 words) issued 29 Jun 2009