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The regulations introduce a new option that will enable employers in multi-employer pension schemes to defer the requirement to pay an employer debt on ceasing to employ an active member. The deferred debt arrangement will be subject to a condition that the employer retains all their previous responsibilities to the scheme.
The regulations also include separate provisions to address some situations where 2 successive employment-cessation events occur in respect of the same employer and changes to existing options that are already in place to help employers manage an employer debt.
The provisions being consulted on are in response to a call for evidence on Section 75 employer debt in non-associated multi-employer defined benefit pension schemes published in March 2015.
This consultation is aimed at:
- pension industry bodies and professionals
- trustees or scheme mangers
- pension scheme members and beneficiaries
- employers and representative organisations
- any other interested parties