The Woolworths Group Pension Scheme is ready to be transferred to the Pension Protection Fund (PPF), three years after the retailer became insolvent.
The scheme had more than 10,000 members and a number of legally separate employers, all of which had separate responsibilities for different tranches of members. All also become formally insolvent at different times over the period of a few months.
Other complexities faced by the scheme’s trustees in managing its wind-up included:
- Four separate assessment dates, as well as 4,000 active members whose final settlements had yet to be calculated.
- Some 6,000 members whose levels of benefits would have to be reduced immediately to the levels of compensation available under the PPF.
- The increase of the statutory retirement age from 50 to 55 during the assessment period, which sparked a flurry of early retirement requests.
To assist them with this task, the trustees appointed Capita Hartshead, to which full administration was transferred.
Howard Jacobs, chair of the trustees, said: “An inherently complex winding-up was further complicated by the inevitable additional problems along the way. All of those involved over the last two, intensive years can be very pleased that the challenging timetable was met, by a combination of rigorous planning and good communication.”
Paul James, pensions operations director at Capita Hartshead, added: “The significance of what has been collectively achieved should not be underestimated. We have faced some major challenges along the way, several of which could not have been anticipated at the outset of the project.
“Through a combination of expertise, responsiveness and hard work, all stakeholders have pulled together to deliver against an extremely challenging deadline.”
Read more articles on pension scheme wind-ups
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Can someone tell me what has happened with my Woolwort’s pension? I left the company some time ago the year. Was 1987. My address then was
4 Orkney close
Hinckley
Leic’s
LE10 0NA
When will the pension be paid?
How much is it likely to be?
My current address is:
40 Priesthills Road
Hinckley
Leic’s
LE10 1AJ
I left F.W.Woolworths in 1966 would there be pension going back that far for me to claim. I worked there for 4 years at least.
Can I try and retrive a possible pension from F.W.Woolworth from 1961 to possible 1965 / 6 I worked at the Queen Street Store in Queen Street. Cardiff. South Wales.
Can I claim any pension I worked at Woolworths I worked there between 1970-1980.
i would like my woolworths pension transfered from lloyds bank and paid into Nationwide @262 Northolt road,South Harrow HA2 8HF.FlexAccount number 07-01-16 30421611account in the name of MR DESMOND MORRISON &MRS PHILOMENA MORRISON Thank You.
I was employed by fwwoolworyhs from 1970-august 1973 am I entitled to my pension that I paid into will be 60 in august
I worked for FW Woolworth and Woolco from 1971 to 1981. I just received Social Security information that there may be a monthly life annuity for me. How do I find out? It seems the Plan Administrator is somewhat hard to find.