Lehman Brothers: Pensions Regulator settles for full buy-out cost
By Anne-Marie Winton
The Pensions Regulator’s financial support direction (FSD) case against various companies in the Lehman Brothers group has settled, with the companies agreeing to provide sufficient funding for the full buy-out of the benefits in the Lehman Brothers pension scheme. Although this matter has ended in agreement, it produced along the way a number of legal decisions that have helped clarify the extent of the Pensions Regulator’s powers to enforce financial support for pension schemes. Those decisions put the regulator in a strong position to negotiate a settlement. This is good news both for the scheme members and for the Pension Protection Fund (which should not now have to take on responsibility for the scheme)…
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