The Pensions Regulator has intervened in the sale of Database Group over issues relating to the company's defined benefit pensions scheme.
The regulator said it used its powers to amend the terms of the sale to ensure the scheme's approximately 100 members would "receive their full benefits".
TPR said, under the initial terms, the sale of data management services provider Database Group to performance marketing agency Merkle would have "led to an insecure future for the scheme".
Under the deal, Merkle would neither have become the scheme's sponsor, nor filled the scheme's £7.7m deficit.
Under the revised terms, Merkle agreed to buy out the pension scheme members' benefits "in full".
Nicola Parish, executive director for frontline regulation at TPR, said by being approached for clearance the regulator was "able to have a seat at discussions and ensure a better outcome for scheme members".
"We had concerns about the risk posed by effectively removing support from the scheme, but understood the commercial rationale and wider benefits of the Merkle acquisition. We opened an investigation and ensured that, through our involvement, members got a better deal.
"This case demonstrates that TPR will consider using anti-avoidance powers in respect of a smaller scheme where appropriate. It illustrates how the existence of these powers can act as a deterrent against possible avoidance activity."
james.fernyhough@ft.com
