Kvaerner Pension Fund in E145m settlement
A dispute over the £1.2bn Kvaerner Pension Fund in the UK has been settled with a total payout of £101m (€145m) over six years from TH Global, the former Kvaerner Plc.
“In return for payments totalling £101m, TH Global and its subsidiaries will no longer be associated with the Kvaerner Pension Fund, which will continue as a standalone pension scheme,” the fund said. It will have around 14,000 pensioners and 17,000 deferred pensioners.
The fund will receive an initial lump sum of £20m this year followed by six further annual payments and a loan note payable by 2012.
“In addition to these contributions, a new investment strategy is being implemented,” the fund added. “The trustee, having taken professional actuarial and investment advice, expects that these two factors together will enable them to eliminate the pension fund’s deficit over time.”