Pottery company has pension hole

Fri, 27 Mar 2009

The troubled pottery company Waterford Wedgwood has a serious hole in its pension fund, according to pensions news today.

The legendary Staffordshire pottery company, Waterford Wedgewood group, has debts of around £400 million and fell into administration late last year. The firm has now been purchased by US equity firm KPS Capital Partners.

The pension scheme deficit, according to fund administrators, exceeds £2.238 million. Although the details of the buyout are yet to be confirmed, authorities claim that most of the money in the pension fund would be protected.

Secretary of State for Work and Pensions, James Purnell, reportedly commented: "The good news for people in that fund is the Pension Protection Fund - which Labour brought in - is going to protect the vast majority of their pensions and pay around 90% of people's pensions. So there's a real reassurance there."
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