Lessons from Lehman
By Louisa Knox
The Pensions Regulator has reported that a settlement agreement had been reached in respect of the Lehman Brothers Pension Scheme.
The announcement marks the end to six years of litigation and will undoubtedly be welcome news for the members of the scheme. The compromise reached requires certain Lehman Brothers group companies to pay the trustees an amount expected to allow the scheme’s liabilities to be bought out in full with an insurance company (i.e. the full buy-out debt). The scheme will therefore not enter the Pension Protection Fund (PPF).
In September 2008, the sponsoring employer of the Lehman Brothers Pension Scheme famously went into administration. This triggered a section 75 debt of £119m owed by the employers to the pension scheme…
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