UK - Workers at TransBus International - part of stricken bus manufacturer Mayflower - will lose half of their pension savings despite a buyer being found.
Administrator Deloitte confirmed that a consortium of investors, headed by Nobel Grossart, had bought TransBus International for an undisclosed sum, safeguarding a “significant number” of jobs.
But Independent Trustee Services managing director Chris Martin said it was unlikely the deal would include making good the £24m deficit in the Dennis Group Pension Scheme whose 700 members include the majority of TransBus staff.
He said that it seemed increasingly likely the scheme would be wound up.
Martin said: “We have not had a chance to talk to the buyer yet but the sale was of the business not the company; as such the deficit will not be passed across.
Payment of member benefits will depend on whether we are successful with claims to the administrators, but currently non-retired members risk losing more than 50%.”
The Transport & General Workers’ Union said details were still emerging about the deal and every effort would be made to persuade the TransBus buyer to make good the pension promise.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.