May 8, 2022

Morrisons tabling last-ditch bid for McColl's

The trustees of the McColl's pension schemes have written to the Business Secretary, Kwasi Kwarteng, urging him to do whatever he can to make sure pension scheme members are protected. Shedding the schemes would represent "a serious breach of the pension promises made to staff who have served the business loyally over many years", trustees wrote. McColl's employs around 16,000 staff across the chain but only around 2,000 are in the two defined benefit pension schemes that are at risk. If the new owners shed the pension schemes, it will fall to the industry-funded Pension Protection Fund to ensure members are compensated. The PFF said if the schemes were transferred to them, members who had reached their scheme's normal pension age would still receive the same amount in compensation as the pension they are receiving from their scheme at the time of insolvency.

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