Lehman to place 2,400 UK staff in pension lifeboat - papers

clock

Lehman Brothers, the failed investment bank, has asked to enter around 2,400 UK employees into the Pension Protection Fund scheme, reports The Telegraph .

The lifeboat fund said it is reviewing a request made by administrators, PricewaterhouseCoopers, to admit part of the bank's pension scheme. Should the plan be accepted into the fund, it would lead to a 13pc leap in the number of payments made by the PPF to people who have lost their pensions as a result of their company collapsing. Lehmans was the fourth-largest investment bank in the US before it filed for bankruptcy last month. It became the first financial company to seek help from the PPF, which currently pays the pensions of employees in industries such as manufacturing and engi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •

Police launch investigation into mortgage middleman fined £1m

West Midlands Police have launched a fraud investigation into a Birmingham financier over his role in sale and rent back agreements.

clock 25 June 2013 •