MIRA secures buyout after giving up PPF protection in 'highly unusual' restructuring
MIRA Retirement Benefits Scheme (MIRARBS) has secured a £70m buyout after agreeing to compromise its sponsor's statutory debt as part of a corporate restructuring.
The deal with Pension Insurance Corporation secures the pensions of the scheme's 600 members at approximately 105% of Pension Protection Fund (PPF) level, but below the face value of the benefits. The...
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