The UKs Pensions Regulator (TPR) has agreed an arrangement with Hoover to allow the household appliances company to offload its main pension scheme to the countrys lifeboat fund.
TPR confirmed this week that it had permitted a regulated apportionment arrangement (RAA) with the UK arm of Hoover as the funding needs of the scheme threatened to tip the company into bankruptcy.
A spokesman for the regulator said: We granted clearance for an RAA proposal regarding the Hoover (1987) Pension Scheme in late April. RAAs are rare and we will only grant them if stringent criteria have been met.
Provided no appeal against the RAA is filed, the scheme will enter the Pension Protection Funds (PPF) assessment period, with the expectation that it will tran…
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