Transatlantic regulatory authorities formalise closer co-operation

A Memorandum of Understanding between the UK Pensions Regulator, the Pension Protection Fund and the American Pension Benefit Guaranty Corporation was signed this morning (Wednesday) in Washington, USA, to encourage and enable best practice in protecting benefits.

The MoU enables the sharing of market intelligence to develop shared understanding in an increasingly globalised market, reflecting the strict domestic controls which protect restricted information collected in the performance of regulatory functions.

The signing occurred during a series of meetings between the UK authorities which, in addition to the PBGC, included representatives of the White House National Economic Council, the US Treasury and the World Bank, and focussed on discussions around the economic downturn, the shift in the global pensions landscape and forthcoming reforms to introduce auto-enrolment into UK occupational pensions.

David Norgrove, chair of the Pensions Regulator, said: "We have worked with the PBGC since the Pensions Regulator began in 2005. This MoU formalises the position and, through exchange of thinking and best practice, will help us in our efforts to protect members' benefits."

Lawrence Churchill, chair of the Pension Protection Fund, added: "This agreement sends a clear signal that there is a high level of co-operation between the various national institutions charged with protecting retirement incomes in an era when many sponsoring employers have a global presence."

Vince Snowbarger, Acting Director, PBGC, said: "In today's global business world, pension regulators often face common issues that cut across national boundaries. This agreement gives the PBGC and our UK counterparts a framework for appropriate sharing of information and cooperation in carrying out our missions."

The MoU can be viewed at: http://www.thepensionsregulator.gov.uk/pdf/MoUTPR-PPF-PBGC.pdf
To view the press release: http://www.thepensionsregulator.gov.uk/whatsNew/pn09-15.aspx

Media relations
The Pensions Regulator
amediarelations@thepensionsregulator.gov.uk

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