The chair of parliament’s work and pensions committee has called on regulators to intervene against the “dumping” of a retirement scheme for current and former workers at Bernard Matthews, the turkey producer, as part of a takeover deal. Frank Field – who has led calls for former BHS chief executive Sir Philip Green to rectify the black hole in that company’s pension fund – spoke out against a deal that will see the Bernard Matthews retirement scheme being passed on to an industry-backed safety net for the pensions of insolvent companies. However, Field has spoken out following reports that the sale involves a so-called pre-pack administration deal which would see the Bernard Matthews pension fund pass to the industry-backed Pension Protection Fund. Hundreds of members of the Bernard Matthews defined benefit scheme, which is said to have a deficit of approximately £16m, face having their retirement payments cut as a result. “The new employer must not be allowed to get away with dumping the Bernard Matthews pension scheme into which workers have paid,” Field told Sky News.

Source: The Guardian September 19, 2016 21:00 UTC