Pendragon has agreed a deficit reduction plan with trustees, giving its pension schemes an interest in a £35m Central Asset Reserve and cutting sponsor contributions by £46m over three years.
In an announcement to the stock market, the car retailer said it had reached unanimous agreement on its July 2011 triennial valuation - which found a £40m deficit - and entered into binding legal d...
To continue reading this article...
Join Professional Pensions
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date
