Akzo Nobel working under PPF on UK scheme
UK – Dutch-based chemicals and coatings firm Akzo Nobel is working under Pension Protection Fund regulations on the situation at one of its UK subsidiaries.
The Accordis section of the Akzo Nobel (CPS) Pension Scheme entered the PPF’s assessment period in June last year, a spokesman for the PPF said.
“The pension situation with regard to members of the former Courtaulds Pension Fund who were employees of Accordis at the time of its closure is complex,” said Akzo Nobel UK spokesman Mike Peters.
“However, I can say that Akzo Nobel is working hard to resolve the situation under the Pension Protection Fund regulations and hopes to make an announcement shortly.”
Akzo Nobel bought textile group Courtaulds in 1998 which it merged into its fibres business. This was subsequently renamed Accordis and sold to private equity firm CVC Capital Partners.
Last month a group of Akzo Nobel’s Dutch pensioners brought a court case the industrial group and its pension fund.
The company said it and the scheme have received a summons from the Association of Retired Akzo Nobel Employees, saying it take go to court regarding the new financing of the company’s Dutch pension scheme.