GPG mulls ways to bridge pension liability, settles on 20.3M pounds for Staveley scheme

Tue, 10 Jul 2012

By Paul McBeth July 10 (BusinessDesk) - Guinness Peat Group's board is looking at ways to meet the investment firm's pension obligations as its winds down its portfolio, having reached a 20.3 million pound settlement to cover the funding deficit of one of the Staveley scheme. Of the settlement, GPG will put up 15.4 million pounds in cash over the next eight years, starting with a 5 million pound contribution, with the remainder covered by returns from its investment portfolio. GPG faces a 130 million pound contingent claim over its assets...

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