By Martin Croucher (July 15, 2022, 4:40 p.m. BST) – Supermarket giant Morrisons Group has now taken over as the sponsor of convenience store chain McColl’s employee pension plans, administrators said on Friday, in the under an agreement advised by Gowling WLG, Hogan Lovells and Ashurst LLP.
McColl’s pension plan administrator said Morrisons had fully agreed to take over responsibility for the two plans, which have combined assets of £134 million ($158 million).
The plans were placed in a valuation period under the Pension Protection Fund after McColl’s entered administration. The PPF is responsible for paying benefits to members of plans where the sponsoring employer has failed, although…
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