Pension lifeboat deals 'to be more common'
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Pension lifeboat deals 'becoming more common'

Up to 4,000 people in Wales could be affected if the Hoover pension scheme goes into the Payment Protection Fund (PPF), BBC Wales understands.

The company has been negotiating with the pension regulator and the PPF in a bid to offload its pension liabilities and a decision is expected soon.

Most, if not all, members of the scheme would see a reduction in benefits - with those under retirement age to receive an immediate 10% cut in their pension pot.

The Hoover factory in Merthyr Tydfil stopped producing washing machines after more than 60 years in 2009.

Pensions expert Stuart Price told BBC Wales business correspondent Brian Meechan that firms offloading pension liabilities are becoming more common.

  • 31 May 2017
  • From the section Wales
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