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Luke Webster, the CEO of The Pension SuperFund, said: |
“The Pension SuperFund has been watching developments at Arcadia keenly. The Pension Regulator, TPR has acted with great speed and creativity in negotiating a large, complex deal. This sees the Arcadia schemes being improved by a combination of a promise to pay £75m from Arcadia and £100m from Lady Green in cash over a number of years and £210m in security over, as yet unspecified, assets. These numbers and the approach by the regulator start to bring Arcadia into the scope of The Pension SuperFund. In our model, pensioners stand to receive a fair share of surplus returns alongside investors. This is a significant potential benefit in addition to the improved security they will have obtained on transfer. Some think that the best support for any pension scheme is a trading employer. Given the challenges facing UK retailers, we might question whether that is always the case. We offer a very high level of security with generous compensation for the remaining risk. We believe many pensioners would be very happy with the outcomes we offer.
Now that the Company Voluntary Arrangements have been approved by creditors, we standby to assist the Arcadia pension scheme trustees to deliver scheme members into a safe harbour where we believe there could be a better outcome for all.” |
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