UK Equivalent Of PBGC Injects GBP 150 Million Into T & N Pension Fund

In what marks the UK's Pension Protection Fund's biggest bail out to date, T&N's troubled pension scheme will be picked up by the PPF, but will cost just an estimated 150 million, compared with the 800 million to 1billion once

By None

In what marks the UK’s Pension Protection Fund’s biggest bail-out to date, T&N’s troubled pension scheme will be picked up by the PPF, but will cost just an estimated 150 million, compared with the 800 million to 1billion once expected, according to the Financial Times. The PPF was created in 2004 through legislation shaped, in part, by the problems faced by the car manufacturer firm’s pensioners – and as a result, the UK government introduced a last-minute loophole that allows the scheme of an employer who became insolvent before the new law came into effect to be bailed out by other solvent employers.

«