UK - The £8.5m Blagden Pension Scheme will be wound up following an agreement between the scheme and the chemical company's liquidators.
Under the deal the fund's trustees will wind up the scheme, and the liquidators will aim to admit claims on a basis that ensures sufficient resources to pay for both members benefits and the cost of shutting the scheme down.
To secure the members benefits, the liquidators will allow trustees to purchase individual pension policies for each of the fund’s members from an insurance company.
An additional £5.5m will provided by Blagden to help meet costs.
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