UK pension scheme members lose PPF protection

A decision of the Court of Appeal in relation to Olympic Airlines has left UK pension scheme members without the protection of the Pension Protection Fund (PPF).

The case concerned the sponsoring employer (Olympic Airlines) of a defined-benefit UK pension scheme whose main liquidation was taking place in Greece. EU cross-border insolvency proceedings are governed by European Insolvency Regulations. Under those regulations, once insolvency proceedings have commenced in a member state where the company has its centre of main interests (COMI), it is only possible to have secondary insolvency proceedings in another member state if the company has an ‘establishment’ in that other member state.

Olympic Airlines went into liquidation in Greece in 2009. Prior to this, it had employed a team of approximately 30 staff in the UK. However, by 14 July 2010, the company only maintained a London office and employed only two members of staff on an ad-hoc basis, whose employment mainly involved administrative tasks connected with the winding-up…

If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer


5 New Street Square

Turnover (£m): 228.00
No. of lawyers: 860
Jurisdiction: UK
No. of offices: 4
No. of qualified lawyers: 67 (International 50)