The trustee of Frank Roberts and Sons Ltd Pension Scheme, Verity Trustees Limited, has announced it is in the process of winding up the company’s final salary pension fund.
The iconic Rudheath bakery collapsed into administration in October last year, owing £15.5 million to creditors, including £2.2 million to its staff in lost wages, holiday and notice pay, and redundancy payments.
The remaining assets were bought by Boparan Private Office (BPO), now trading as Roberts Bakery 1887 Ltd.
The new notice, published by the trustee on Thursday, February 12, states former employees who believe they have some entitlement must make contact within three months for their claim to be considered.
The warning does not apply to those who have received correspondence from the trustee within the last 12 months.
When a company becomes insolvent, it is not unusual for a pension fund to be wound up in this way.
In some cases, the assets are transferred to the Pension Protection Fund (PPF), a scheme set up by act of parliament in 2004 to protect final salary pensioners.
However, when a pension fund is not eligible for PPF protection, individuals’ pension pots are used to buy an annuity for them.
Either way, it is typical for members to get a minimum of 90 per cent of their original entitlement when they reach pensionable age.
Those with a pot worth less than £18,000 may be able to withdraw this from the scheme as a lump sum.
A spokesman for Frank Roberts and Sons Ltd Pension Scheme said: “After three months of the date of this notice (Thursday, February 12), the trustees will proceed to deal the assets of the scheme among the persons entitled to them, having regard only to the claims and interests of which they have prior notice, and in relation to the assets used for such distribution, will not be liable to any person or persons for a claim of which they do not have notice.”
Those requested to contact the trustee include anyone who:
- was a member of the fund but is not yet receiving a pension from it;
- any widow, widower, or other dependent of a deceased member who believes they are a beneficiary;
- any former member of the scheme with pensionable service after May 1990 who transferred out of the scheme or received a one-off lump sum payment;
- anyone else who believes they have a claim or entitlement against the scheme.
All the above should write to TPT Retirement Solutions Ltd, Aire Park, 5th Floor, 3 South Brook Street, Leeds, LS10 1FT.
Claimants should include their full name, address, date of birth, national insurance number, and details of when they were a member of the scheme.
In November, last year, Frank Roberts & Sons’ pension fund was revealed to have deficit of between £14.2 million and £15.6 million.
While this is unlikely to be repaid in full, PwC forecasted between 89 and 98 per cent of the balance would be made good within nine to 12 months from the £21.6 million sale of the business.
