On the go: Debenhams’ defined benefit pension schemes have entered the Pension Protection Fund assessment period, after the retailer announced details of two proposed company voluntary arrangements.
A PPF spokesperson said: “We can confirm that the Debenhams pension schemes have entered PPF assessment, triggered by a CVA proposal.”
If the CVA is passed, the PPF said it would expect the pension funds to then exit PPF assessment.
“We have been working closely with the Pensions Regulator, the company and trustees of the scheme to ensure the best outcome for members and PPF levy payers. Members can be reassured that the PPF is there to protect them if needed,” the spokesperson added.
A spokesman for the schemes highlighted that the CVA does not seek to compromise or reduce the employer’s obligations to the schemes.
“The trustees hope that the CVA will be successful and will facilitate a sustainable solution for Debenhams, which will ensure that the schemes are supported in the long term,” he added.
“We are in the process of writing to all members with detailed information about the CVA process, and we will continue to keep them informed,” the spokesman said.
