Regulator appoints trustees at Hoverspeed
UK - The Pensions Regulator has appointed HR Trustees to take over the £16m (€23.9m) pension fund of insolvent ferry firm Hoverspeed.
HR Trustees will take on the role during the fund's assessment period by the Pension Protection Fund.
The fund has around 1,000 members and assets of £16m, HR Trustees said.
"HR Trustees are responsible for ensuring the efficient administration of the scheme, as well as communicating with and continuing to make pension payments to members," the firm, part of Entegria, said in a release.
"HR Trustees will liaise closely with the Pensions Regulator and Pension Protection Fund in monitoring the progress of the insolvency proceedings.
"We are committed to ensuring the scheme members of the Hoverspeed Pension Plan remain informed throughout the whole period of assessment," said HR Trustees' managing director Steven Ross.
"HR Trustees is highly experienced in managing this process and our aim is to reach the best possible outcome for all concerned. Members can rest assured that their pension is in good hands and will remain protected while we are trustees."
Hoverspeed ceased operations on the Dover to Calais route in November last year, having operated on English Channel from 1981 until 2005.