MPs Press TPR On £6B Gap In Railways Pension Scheme

Law360, London (April 16, 2019, 2:16 PM BST) -- Lawmakers have called on Britain's pensions watchdog to explain the “staggering, parlous state" of the Railways Pension Scheme, after it emerged that the industry-wide plan is underfunded by as much as £6 billion ($7.8 billion).

The House of Commons Work and Pensions Committee said on Monday it wants to know the full extent of the shortfall in the scheme and how The Pensions Regulator plans to work with transit operators and the government to plug the gap.

Frank Field, the committee’s chairman, asked the watchdog’s new chief executive, Charles Counsell, to explain “the extent of the deficit and TPR’s actions and...

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