Its good and bad news as far as pensions go in this morning's papers with the Transport and General Workers' Union firstly reacting angrily to reports the "Phoenix Four" directors of MG Rover have pledged just £5,000 each towards a trust fund set up for the 6,000 workers who lost their jobs when the carmaker went into administration.
The Guardian says initially, the four men, who bought MG Rover from BMW for £10, said they would contribute assets of up to £50m to the fund - though the value was subsequently scaled back to between £10m and £30m. The directors said later that, on legal advice, assets could not be handed over to the trust until Department of Trade and Industry inspectors had reported on the collapse of the carmaker. Why that should be the case was never explained. Yesterday, Britain's largest car dealership, Pendragon, revealed it had taken a £2.9m exceptional charge related to the MG Rover collapse....
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