23 April 2010
Earlier this week an article was run by Pensions Week on the
Visteon affair (see previous TPAS news items). The article claimed
that Visteon completed the transfer of £80m out of its scheme
to other companies even as the firm was declaring itself bankrupt.
The Visteon UK scheme has since fallen into the PPF after its
sponsor was declared insolvent. The trustees and the Pension
Protection Fund (PPF) are pursuing the sponsor's US parent, Visteon
Corporation, through the US courts.
Pension Week claimed to have seen confidential documents from
the Pensions Regulator showing that the Visteon UK scheme was
handing cash to its former parent company Ford and Visteon
Engineering Services (VES) in the period from 2007 to 2009.
The Pensions Regulator has now made a statement denying that the
information quoted by Pensions Week was disclosed by them. Their
statement can be read here:
http://www.thepensionsregulator.gov.uk/press/pn10-07.aspx
