UK - The Pension Corporation is "evaluating its options" after the Pensions Regulator appointed three independent trustees to the telent pension scheme at the request of the board.
telent, formerly Marconi, was subject to a share buyout offer by the corporation in September.
In a letter to its 62,000 members, the trustees, Stanhope Pension Trust Limited (SPT), outlined their concerns: “SPT is neutral regarding the ownership structure of telent plc. We have, however, been concerned that the acquisition of the sponsoring company whose size is small in relation to the plan could have serious implications for the security and welfare of the Plan’s members.”
The letter continued that SPT was open to discuss Pension Corporation’s range of plans and alternative options for the future of the scheme.
The Pensions Regulator’s actions have been welcome by some, hailing it as a clear move to jump into action when necessary.
Jonathan Seres, partner, Sacker & Partners, adviser to the trustees of the pension scheme, commented: “It shows that the Regulator will not simply watch from the wings when there is concern that a pension scheme may be at risk.”
Seres clarified: “The appointment will protect the scheme by awarding the independent trustees sole control for six months.”
The three independent trustees are: Law Debenture Pension Trust Corporation plc, Burges Salmon Pension Trustees Ltd and Bridge Trustees Ltd.
The telent scheme has assets of around £2.5bn.
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