The saga also led to some fierce criticism of the Pensions Regulator itself, which was accused by some MPs of being asleep on the job and not acting quickly enough to protect the interests of the BHS scheme members, despite knowing the schemes were in a parlous position. Now, the regulator admits it should indeed have acted much more quickly and says that it will be more pro-active in the future, especially where it appears that an employer is trying to avoid its responsibility to fully fund a pension scheme.
To do this, the regulator will ask the government for extra funding and will beef up its staffing. John Ralfe, a pensions expert who advised the two parliamentary committees, said: "The report demonstrates that the regulator is prepared to behave in a more activist fashion.
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