Nov 5, 2019
Mothercare looks to protect its UK pension schemes
Mothercare is looking to move its UK pension schemes across to its international business in order to help preserve benefits for scheme members. If the pension schemes enter the industry-funded lifeboat it would mean cuts to future retirement benefits. At its most recent actuarial valuation two years ago, Mothercare's pension schemes were £140m in the red. As part of that move - while it was waiting for approval of that CVA - the two pension schemes temporarily entered the PPF, but exited after a couple of months. "Dan Mindel, managing director at Lincoln Pensions. a covenant advisory business, said:"Transferring its two employee pension schemes from the UK subsidiary to the group parent company, would certainly be a good outcome for the scheme, especially since the group owns the profitable overseas part of the business.
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