BoE concerned over pension liabilities moving offshore

Trustees Agenda posted on 12 June, 2017

The Head of the Bank of England's (BoE) Prudential Regulation Authority called a meeting of the chairmen of the largest insurance companies last week demanding more information on the use of reinsurance contracts as a way of offloading pension liabilities to foreign companies in low-tax jurisdictions.

Sam Woods warned that such deals left the retirement income of millions of British pensioners in the hands of companies over which he has no regulatory powers.