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Ofgem to push ahead with changes to distribution operators' pension arrangementsEnergy workers' union Prospect has hit out at plans by energy regulator Ofgem to change the way pension costs are treated. Ofgem acknowledged in a new consultation that "pension trustees, companies and union representatives have argued strongly that research conducted by us... suggests there is not a problem and we should maintain our current approach". However, the regulator said it was minded to require companies to treat pension deficits and current commitments separately. The regulator said this was necessary to ensure customers were not overpaying to repair deficits and to make sure pension costs "do not become a problem at future reviews". Prospect deputy general secretary Mike Clancy said: "We are dismayed that Ofgem has refused to take notice of our concerns and will be raising this at a higher level with the government. "It is very bad news. Not only is Ofgem trying to fix a problem that does not exist, its position runs against all the evidence and analysis conducted by its own consultants, which shows that the networks businesses are currently managing their pension schemes perfectly well." Ofgem said it would make a final decision on its proposals at the end of the year. Source: Utility Week © Faversham House Group Ltd 2009. News articles may be copied or forwarded
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