GPG pension headache puts brake on wind-down plan

Wed, 22 May 2013

May 23 (BusinessDesk) - Guinness Peat Group will have to keep on more staff than previously planned as it works with the UK regulator over its liability for the Coats pension schemes. Chairman Rob Campbell told shareholders in Auckland the investment firm will have to keep certain corporate functions at GPG for longer than it intended as it figures out what level of funding it will have to provide the pension schemes. As at Dec. 31, the pension fund shortfall was valued at 281 million pounds, with low global interest rates eroding theoretica...

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