Woolworths and pensions

cookie2057

Can anyone help? my mum has worked for woolworths for 21 years and is worried about her pension with the current state of woolworths. Will she still get the pension? will she get her holiday pay? and will she still get paid her wages? if the worst is to happen. No announcement has been made to the staff and various rumours are going round. many thanks

EdInvestor

The Government seems to be working to keep the stores open until Christmas and staff paid at least until then. There is a deficit in the pension fund, half of which looks like being filled in following sale of the DVD business, but it seems likely the fund will end up with the Givernment body that protects company pensions.

https://www.pensionprotectionfund.org.uk

Have a look at the PPF website for details of the protection offered.

vivatifosi

If you google Woolworths and PPF there have been a few press articles over the past few days specifically on this subject and the PPF's impact on the fund that might also prove useful.

Debt_Free_Chick

I'm intrigued by the Press speculation about the future of Woolworths pension scheme and the PPF as I understand that the Principal Employer for the scheme(s) is Woolworths Group plc and that this company is not in administration.

It will also be interesting to see how the sale of the Woolworths subsidiary/stores pans out - the Pensions Regulator/PPF will be very interested to see whether anything is paid by the buyer, into the pension scheme to address (at least some of) the deficit. We'll have to see