Ballast pension wind-up hits 2,000 workers - papers 10th August

Workers at Ballast UK, a former subsidiary of Dutch group Ballast Nedam, now face losing 70% of their pension after falling through a year-long gap between two government plans to protect members of failed pension schemes. Trustees of the largest of three underfunded pension schemes have had to wind up the plan because Ballast has insufficient funds to keep it afloat long enough to allow members to fall under the government’s pension protection fund (PPF). According to the Times, the main Ballast scheme has 1,500 members and 300 pensioners expecting payouts worth £98m from assets of o...