Takeover Panel eyes pensions

THE TAKEOVER Panel yesterday proposed a series of rule changes aimed at protecting pension funds in bid situations.

The proposals, which are open for consultation until the end of September, would force a potential bidder for a company to publicly state what it would do with the pension scheme if it wins control.

The new rules would also extend the same rights to pensioners as employees of the firm to be notified of a bidder’s plans. The changes also aim to make it easier for scheme trustees to complain if they feel a takeover could hurt their members.