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ARTICLE · 23 APRIL 2012

A "Uniq" Deal On Pensions!

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Uniq, the sandwich making company has reached agreement with the Pensions Regulator ("TPR") and the Pension Protection Fund ("PPF") on the future of its distressed pension scheme.

United KingdomEmployment and HR
Justin McGilloway
Justin McGilloway

Uniq, the sandwich making company has reached agreement with the Pensions Regulator ("TPR") and the Pension Protection Fund ("PPF") on the future of its distressed pension scheme.

In detail

The deal will see the scheme (which has a buy-out deficit in excess of £400 million) transferred to a new employer which will be placed into administration. This will allow the scheme to enter a PPF assessment period and be considered for PPF compensation. In addition, the scheme will take with it £14 million in cash and a 90% shareholding in the company.

The deal is to be implemented by means of a Regulated Appointment Arrangement under the employer debt regime and a Scheme of Arrangement under the Companies Act 2006.

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