AMICUS HAS CALLED for an investigation into moves by Kvaerner to abandon its UK pensions liabilities, as it emerged the Norwegian conglomerate's parent had already left 700 workers at another British company without the benefits they had been promised, revealed The Times .
According to the paper, TH Global - formerly Kvaerner - last month announced it had agreed with the pension fund’s trustees to pay in £101m over the next six years, in return for being permitted to “cease to be associated and connected” with the fund, which has 31,000 members. The payment, combined with a revised investment strategy, meant the fund, which is thought to have a deficit of about £250m, “should” be able to meet its liabilities, TH Global said. The Pensions Regulator approved the agreement. But the union has criticised the deal and called on James Purnell, the new pensions m...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
