MPs have accused the former owners of turkey ham producer Bernard Matthews of “lining their own pockets” in a deal that saw the company’s defined benefit pension scheme fall into the Pension Protection Fund.
On Saturday (13 April), the Work and Pensions select committee published letters from the firm’s administrator which revealed Rutland Partners, the owners, had passed up a chance to save the company pension scheme because it would have left them out of pocket.
Instead, Rutland Partners sold the company to Boparan Private Office (BPO) using “pre-pack” insolvency arrangements, which allow a company to be sold as a going concern when it has already been declared insolvent.
Under pre-pack arrangements, the company’s pension scheme ma…
Read the full article at: https://www.ftadviser.com/pensions/2017/04/18/turkey-producers-accused-of-lining-pockets-in-db-deal/
