The UK’s private equity trade association will today meet the country's pensions minister after a proposed change to pensions rules looked set to add significant complexity to buyout deals, according to the association's chief executive.

Last week, the UK government surprised the market by proposing to extend the Pensions Regulator’s powers to break the so-called “corporate veil” that protects private equity funds and other diversified businesses from using assets from one company to pay into the defined benefit retirement scheme of another.