Anti-avoidance – a “moral hazard”?


The so-called “moral hazard” provisions in the Pensions Bill have stolen many column inches since they were first announced in April 2004. Broadly, their effect is to widen the scope of parties who may be made responsible for a pension scheme deficit. The importance of this is heightened by the fact that, in future, the level of debt due will be full buy-out in all circumstances.

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