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Sainsbury's eyes pension sale



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Published Date: 30 June 2008
SUPERMARKET giant Sainsbury's is understood to be eyeing a sale of its pension scheme in a move set to thrust the group back into the takeover spotlight, reports have claimed.
The chain's multibillion pension fund was believed to be behind the collapse of last year's £10.6 billion takeover proposal from its Qatari-backed suitor Delta Two.

But Sainsbury's is understood to be considering quotes from a number of buy-out groups with a view to possibly selling the fund.





The full article contains 84 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 29 June 2008 8:25 PM
  • Source: The Scotsman
  • Location: Edinburgh
 
1

Colston Hicks,

Cardiff 30/06/2008 14:33:36
Sainsbury's CANNOT sell the pension scheme fund.The fund assets are legally owned by the trustees and, by UK trust law,can only be used for the purchase of annuities for members on retirement,or wind up of scheme. This was definitely true when I worked in the pensions industry up to 2001.I know that the economists have taken over from the pension experts but I have never read that the economists have actually persuaded the Government to abolish the trustee basis of running exempt approved final salary pension schemes.

There are millions of workers, members of final salary pension schemes,now mainly 'paid-up'schemes,who rely on the trustee system for the security of their benefits.

The Government should be asked," did you allow the economists to abolish the trustees and the trustee basis of running exempt approved final salary occupational pension schemes ? ".

 

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