MG Rover employees set to receive regular pension

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Financial Services > Pensions > News

MG Rover employees set to receive regular pension

Tue, 27 Mar 2007

Retired MG Rover employees are celebrating today following news that the company's defined-benefit pension scheme has been transferred to the Pension Protection Fund.

The move means that more than 6,000 former workers with the British automotive giant will now receive a steady pension income, providing financing support as they look to adjust to life after full-time employment.

It is the largest of the nine pension schemes to be transferred to the fund to date.

Partha Dasgupta, chief executive of the Pension Protection Fund, outlined the savings principle behind the pensions initiative.

"We are here to safeguard the savings of the 12 million people who are members of eligible defined-benefit occupational pension schemes," he said.

"The payments we will now make show we are doing just that."

Run by the Board of the Pension Protection Fund, the initiative was officially launched on April 6th 2005 at the start of the new tax year.

It was conceived as a method of providing financing recompense to people who worked for a company that became insolvent, where the firm's assets could not cover its pensions shortfall.

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