PPF doomed by T&N scheme decision - papers 7 December

About 20,400 out of 37,000 scheme members would have call on the £300m pledged for the safety net, which clearly will not be enough, the paper quotes pensions experts. “The whole of the first year’s levy would have to be earmarked for T&N,” John Ralfe, a pensions consultant, said. “It’s a disaster the Government should have seen coming. The scale of the deficit is mindblowing.” T&N’s scheme is £875m in deficit, while its US parent Federal-Mogul has blamed the new Pensions Act for its decision to walk away from a deal. The company blames additional “complexities” introduced by the Ac...