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Rover Pensions in £400m shortfall ... |
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Tuesday, 12 April 2005 |
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It is tragic to see another British icon fall foul but to add more salt to the wounds of the workers future uncertainty - their pension pot too seems to be in disarray. This is another example of corporate pensions falling well short of their intended projections and reiterates the need to ensure your personal pension planning is on track.
For the full article on the plight of the Rover saga then
MG Rover’s administrators last night confirmed the deficit for the collapsed car maker’s two pension schemes in the region of £400m. PricewaterhouseCoopers lead administrator Tony Lomas said the shortfall would need to be met were the funds to be wound up. Some pension experts were surprised to see how quickly the deficit had grown. In December 2003 it stood at just £67m on the assumption the fund would keep going. The Firm will limp on for another week after the UK Government agreed to pay its weekly £6.5m wage bill. Eventhough Phoenix Venture Holdings offered to pledge up to £49m in assets to help MG Rover, it too faces concerns that it may face administration.
Faced with losing your job and your livelihood is sad news indeed, it is tragic that the retirement plans for the security of your future too can be affected and it reinforces the need to personally plan your finances.
If you have a corporate Pension Plan or some form of Gratuity Replacement or Provident Scheme, then make sure you know exactly how it is performing and what your entitlements are. If you are unsure or the whole idea bamboozles you, contact us and we can offer a full appraisal on your present arrangements. Moreover, we can also offer ideas on securing your personal pension provision and ensuring any existing arrangements are on track. |
