Pensions - Articles - Debenhams spurns Ashley opting for Adminsitration

Following the news that, Debenhams has become the latest high street retailer to go into administration after its lenders took control of the business comments from Anne-Marie Winton, Partner at ARC Pensions Law and Alex Hutton-Mills, Managing Director at Lincoln Pensions

 Anne-Marie Winton, Partner at ARC Pensions Law said: "We can expect the Pensions Regulator and Pensions Protection Fund to have been closely involved in the events leading up to the pre-pack, not least as Frank Field MP as chair of the Work and Pensions Committee will no doubt be putting pen to paper very shortly - and publicly - to them to inquire about the circumstances of the pre-pack and its impact on Debenhams' defined benefit plan."

 Alex Hutton-Mills, Managing Director at Lincoln Pensions, said: “In terms of the Debenhams pension scheme, this is a very good example of where the Trustee board has worked collaboratively alongside the Regulator, Pension Protection Fund and the sponsor to ensure members’ interests have been protected on what is a very unfortunate day for the retail sector. “It will be interesting to see if any buyer or refinancer will wish to acquire the scheme at the next stage of the financing. Only time will tell.”

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