By Martin Croucher (June 14, 2022, 5:02 PM BST) -- A retirement savings plan linked to U.K. department store House of Fraser has offloaded £600 million ($722 million) of liabilities to Pension Insurance Corporation PLC, the insurer said Tuesday.
The deal, known as a buyout, covers all 3,850 former employees of the retailer and a further 5,050 who are retirees.
House of Fraser went into liquidation in August 2018, and the business was later bought by rival retailer Sports Direct for £90 million.
The company's pension scheme entered an assessment period of the Pension Protection Fund — an industry-funded lifeboat scheme that is responsible for paying retirement benefits to retirement...
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