Jun 2, 2017

Hoover pension deal agreed affecting 7,500 members

A deal has been struck for Hoover to move the company's pension scheme into a protection fund. The Pensions Regulator has approved the proposal and the scheme is expected to transfer into the Pension Protection Fund. The pension scheme has 7,500 members, made up of 5,319 pensioners and 2,184 who have deferred their pensions. The Hoover pensions scheme will also receive a shareholding worth a 33% stake in the company as part of the deal. A pension scheme can resort to the PPF if it does not have enough money to pay its members' pension.

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