Dec 21, 2017
Toys R Us feel-good ending comes despite pension rules
Because the hero of the hour - Malcolm Weir of the Pension Protection Fund - appears to have gone beyond the call of duty to ensure a happy ending. Talks to secure £9.8m in funding for the Toys R Us pension scheme - and allow the PPF to support a restructuring instead of a winding up and pension capping - went on all night, so the retailer's staff could be given some job security ahead of the festive season. Up to 11,000 store employees lost their jobs when the retailer failed under new owners but, as no deal with the PPF had been sought, their DB pensions remained in doubt while the Pension Regulator pursued former owner, Sir Philip Green, for funds. Toys R Us is in a different position, so its employees have been luckier: with no cap on their pension benefits and, for most, a continuing income. Arguably the Toys R Us story has a happy ending despite the system.
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