A little over three years after high-street favourite Woolworths collapsed, its 10,000 member pension scheme is ready to be transferred to the Pension Protection Fund (PPF). The Trustees were supported through this process by the PPF and Capita Hartshead’s specialist discontinuance team. The day-to-day administration of the Woolworths Group Pension Scheme was also transferred to Capita Hartshead as part of the process.
The wind up process started in August 2009 and the team faced several challenges along the way. For a start, there were a number of legally separate employers, each with responsibility for a tranche of members, which became formally insolvent at different times over the course of a few months. To add to the complexity of the wind up, the statutory early retirement age increased from 50 to 55 during the assessment period, sparking a flurry of early retirement requests.
Howard Jacobs, Chair of the Trustee said: “All of those involved over the last two, intensive years can be very pleased that the challenging timetable was met, by a combination of rigorous planning and good communication.”
One of the key benefits of completing the PPF assessment so quickly is that it minimises the fees paid to advisers, maximising the amount of the fund available to pay members’ benefits.
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