13 January 2009
The trustee of the 5000 member Leyland DAF Pension Scheme has
insured the scheme's liabilities in a £230m buyout deal with
Pension Insurance Corporation (PIC). The Leyland DAF Pension Scheme
was closed to new members in 1994, while the sponsoring company
went into liquidation in July 1996. It has in recent years secured
substantial benefits with the state pension scheme and commenced
Aon Trust Corporation was appointed as an independent trustee to
the Leyland DAF Pension Scheme in 1993.
Pension Corporation, the parent firm of PIC, said Aon would be
assessing the level of surplus and considering how best it can be
used for the scheme members - including the amount of any benefit
improvements - as part of the winding up process.