Following ongoing deterioration of economic conditions, a number of companies may need their pension schemes bailing out, perhaps causing strain to the pensions safety net.
Woolworths, the collapsed high street retailer, has sought help from the Pension Protection Fund. Furthermore, the UK arm of Waterford Wedgewood is looking for similar aid.
The scheme, which helps retired workers who lose their savings if the company goes under, is confident that it can handle the approaches. A spokesman for PPF reportedly commented:
"We haven't seen a great deal of activity yet, but we obviously anticipate that we will during the year. We monitor what is going on very closely and we have a sense of what might be coming through. We know the situation is bad and we do anticipate that we will have a number of schemes coming into us, we don't know what that number will be, but it is unlikely to be small."
Pension scheme bailouts likely
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Pension scheme bailouts likely
Wed, 07 Jan 2009
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1998 - 2009 UK Pensions - Planning before, at the onset and during retirement.
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