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While the Bank of England has faced the dilemma of how much funding assistance to give to the UK markets without allowing backs to benefit directly, this situation is now being replicated in Europe...
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Sunday 29th June 2008
In line with many other companies with final salary schemes it has been reported that Sainsbury has requested a number of quotes from pension fund specialists looking to acquire the company’s final salary scheme. While no figures have been mentioned the fund itself is fairly large at £2 billion, but proving to be something of a drag on Sainsbury finances.
The ongoing confusion as to the level of funding required to fully fund the scheme has seen the group look to jettison the scheme to a third party and relieve the group of all future liabilities. The pension fund was seen as a major stumbling block in the recent £10 billion QIA takeover offer which eventually floundered. Whether this proposed change in the company’s pension fund arrangements will bring the QIA back to the table remains to be seen.
Slowly the UK final salary pension fund sector is becoming dominated by small group of professional pension administration companies. They are able to cut costs to the bone and give the scheme the best chance of approaching a fully funded situation as soon as possible. However, in line with pension law, Sainsbury will not be able to sell the fund without the agreement of the pension fund trustees who are there to protect the benefits of the scheme members.
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