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Isio snaps up Premier Pensions
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PRESS: Former advisor to UK PM looking to list Pension SuperFund - Sky
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DWP s vision for superfunds to be published later this year - DB & Derisking
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A City dealmaker who once worked for Boris Johnson has held talks over an audacious rescue of the stricken Debenhams department store staff pension fund, The Mail on Sunday can reveal.
In a move that could trigger a wave of similar salvage deals, Edi Truell s Pension Superfund has held detailed discussions with the Debenhams administrator and The Pensions Regulator about a plan to snap up the £1billion scheme.
A deal would mean many of the Debenhams scheme s 15,000 members would escape forfeiting part of their future pension payouts. Without a rescue, they face losing up to 10 per cent of their future pension income under rules imposed by the Pension Protection Fund.
Pension superfunds face their moment of truth
Consolidators combine multiple employers’ schemes under one roof and are expected to do their first deals later this year
10 January 2021 • 4:00pm
Collapsed retailers such as House of Fraser, Debenhams and Arcadia group, owner of Topshop and Miss Selfridge, could all be early candidates for superfunds
When department store BHS went bust in 2016, it left behind not only the shell of a once proud British retailer, but a £571m hole in the pension fund intended to look after former staff in their retirement.
Its former owner, Sir Philip Green, who sold the chain for £1 a year earlier, eventually paid more than £350m to help plug the gap after intense pressure from MPs and regulators.