The UK's Pensions Regulator, charged with safeguarding scheme members' benefits particularly in takeover situations, has ruled that a landmark pensions takeover deal struck last November by Edmund Truell's Pension Corporation is permissible, so long as the fund's governing board remains independent.

As a result of the ruling, Pension Corporation has given a unilateral undertaking that it will seek the Regulator's permission before trying to appoint anyone to the board of any scheme it manages.