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UK’s Morrisons suffers £100m hit in pension equalisation case

first_img“Even for a company of its size,” Briggs said, “a liability of £100m is a significant burden. “Safeway has sought and been granted permission to appeal, and, therefore, these important issues will be aired before the Court of Appeal in the not-too-distant future.”The most recent annual report for Morrisons does not disclose the individual sizes of its career-average (CARE) pension funds, either for Morrisons or Safeway, which was acquired in 2004.Across both CARE funds, it disclosed assets of nearly £4.1bn, and a deficit of £43m, with assets invested largely in liability-matching assets.The schemes had £1.4bn in equities, £1.1bn in corporate bonds, £1.5bn in unquoted liability-driven investments and £3m in cash at the end of the 2014-15 financial year.A spokesman for Morrisons told IPE: “This is a complicated area of law, and, to be fair to all of the scheme’s members, we are going to appeal to make sure it is correct to pay some additional benefits to some members.” UK supermarket Morrisons has seen its pension liability increase by £100m (€126.7m) after the High Court passed down a ruling over pension equalisation. The case, initiated by the company’s wholly owned subsidiary Safeway, sought to settle whether retirement ages were equalised in 1991 following an announcement to members, or five years later when the changes were recorded in the rules of the Safeway Pension Scheme.In the judgment passed down by Justice Warren on 29 February, the court found that Safeway had only equalised retirement ages in 1996.Justin Briggs, a partner at Burges Salmon, which represented the members of the Safeway scheme, said the decision amounted to a “huge blow” to Morrisons.last_img read more

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Gary McAllister takes Anfield ambassadorial role

first_imgGary McAllister has accepted an ambassadorial role with Liverpool as the club have reorgansied their backroom staff ahead of the imminent appointment of Jurgen Klopp as their new manager. Following the sacking of Brendan Rodgers following last weekend’s derby draw at Everton, former Borussia Dortmund boss Klopp is expected to be unveiled as the Northern Irishman’s replacement on Friday morning. Ahead of the official announcement, Sean O’Driscoll was relieved from his position as assistant manager while McAllister will no longer be a first-team coach – despite the pair only being brought into Anfield over the summer. While McAllister, who spent two years as a player at Liverpool, will now take on an ambassadorial position, head of performance Glen Driscoll and opposition analysis Chris Davies join O’Driscoll in leaving the club. “Liverpool Football Club can confirm Sean O’Driscoll, Gary McAllister, Glen Driscoll and Chris Davies have left their respective first-team roles at the club,” a statement released on their official website read. “The club would like to place on record its thanks to all four men for the professionalism, commitment and dedication they have displayed during their time here, and the positive impact they have had in helping to support football operations and the team. “McAllister will remain with the club, albeit in a different role, not connected to first-team duties. The Scot has accepted an ambassadorial position, which will allow the club to benefit from his strong connection and affinity with the supporters. “The club would also like to take this opportunity to wish Sean, Glen and Chris every success in the future.” Klopp is expected to be bring in Bosnian Zeljko Buvac, his assistant both at Dortmund and Mainz before that, and coach Peter Krawietz when the German takes the reins at Anfield, with Liverpool 10th in the Premier League having won three on their opening eight fixtures. center_img Press Associationlast_img read more