September 23, 2019 / 9:07 AM / a month ago

Thomas Cook pensions to be assessed by lifeboat fund

LONDON, Sept 23 (Reuters) - Britain’s pension lifeboat fund will assess the funding levels of Thomas Cook’s retirement schemes, the Pension Protection Fund said on Monday following the collapse of the world’s oldest travel firm.

“We await notification that the associated schemes have entered PPF assessment,” a spokeswoman said in an emailed statement.

She added that people on Thomas Cook’s defined benefits pension schemes would have their benefits protected by the PPF.

The pension schemes have in aggregate a surplus of 100 million pounds ($124.35 million) above the levels needed to secure PPF benefits, a spokesman for the trustees said.

“The trustees therefore are hopeful that the PPF lifeboat will, once the assessment period has ended, not be called on and benefits in excess of PPF levels will be provided from outside the PPF,” he said in an emailed statement. ($1 = 0.8042 pounds) (Reporting by Carolyn Cohn Editing by Rachel Armstrong)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below