BANKS WILL relax their grip on the first claim for collapsed companies' assets, says this morning's Times, in an attempt to ensure workers and pensioners do not lose their retirement savings.
David Norgrove, chairman of the new Pensions Regulator, has told The Times banks have agreed, over the course of several meetings, to take a less aggressive approach to recovering all the money they were owed in the hope this will leave some funds to cover companys’ pension liabilities. Norgrove is quoted as saying: “We’ve had successful talks where we’ve sat down with the banks and other creditors and come to an agreement on how to use the assets. Our experience is that both employers and banks have a public image that they want to protect. And we shouldn’t ignore the fact that often p...
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