Bosses have come up with a new scam to avoid paying pensions.
Pre-pack administrations are a way of selling off company assets before going bankrupt. Companies have used the schemes controversial insolvency procedure to offload £3.8 billion of pension liabilities.
The Pension Protection Fund (PPF) is a lifeboat of last resort for the pension plans of failed companies. Roughly 148 of the 868 schemes it manages are from pre-pack administrations.
A further 20 schemes are currently being processed.These secretive transactions allow businesses to be sold even as they are declared insolvent.
Some 53,000 workers pensions are affected.
The Financial Times newspaper found that two out of three pre-pack schemes e…
Read the full article at: https://socialistworker.co.uk/art/44414/Pre pack trick lets bosses profit and dump pensions
