Pre-pack trick lets bosses profit and dump pensions

The Pension Protection Fund (PPF) is a “lifeboat” of last resort for the pension plans of failed companies. Roughly 148 of the 868 schemes it manages are from “pre-pack” administrations.

A further 20 schemes are currently being processed.These secretive transactions allow businesses to be sold even as they are declared insolvent.

Some 53,000 workers’ pensions are affected.

The Financial Times newspaper found that two out of three pre-pack schemes entering the PPF involved selling to existing owners or directors.

Companies include the turkey producer Bernard Matthews, the bed company Silentnight and the textile firm Bonas.

via Pre-pack trick lets bosses profit and dump pensions

Advertisements
IPNOT GLOBAL

We are a group of grassroots activists from all over the world. Palestine Unites Us. News about Palestine and its supporters worldwide

settler colonial studies blog

A blog for the advancement of settler colonial studies

Longreads

The best longform stories on the web

REVOLUTIONS IN MY SPACE: A BLOG BY RITA BANERJI

"In a time of universal deceit, to tell the truth is an act of revolution." ~ George Orwell

parallax

The view from here ... Or here!

Emanzipatorische Antifa Wuppertal

Antiautoritäre, Solidarisch, Antifaschistisch

The Campaign to Fight Toxic Prisons

organizing resistance at the intersection of mass incarceration and the environment

British prisons: a personal account

“ I don't like jail, they got the wrong kind of bars in there." Charles Bukowski

Shiraz Socialist

Because there have to be some lefties with a social life

Melbourne Antifascists

Touch One, Touch All

DISACCORDS

An anarchist news blotter following events in Oceania & South East Asia

Maruti Suzuki Workers Union

Inquilab Zindabad! Mazdoor Ekta Zindabad!

WORKING-CLASS STUDIES ASSOCIATION

The Working-Class Studies Association supports scholarship, teaching, and activism related to working-class life and cultures.

In Moscow's Shadows

Analysis and Assessment of Russian Crime and Security

thekooriwoman

Gomeroi. This is MY truth.

Secular Pakistan

No Talibanisation, 'Honour' Killings, Blasphemy Vendetta

Transform Society

A site that educates & inspires souls

Ahona

Mariam Zohra D