Wilko workers signed up to its pension scheme have been hit with a reduction to their savings, as the business’s benefit scheme enters the Pension Protection Fund.
According to administrator PwC, the deficit in the scheme has risen to £76m on a buyout basis, compared to the £50m previously thought.
While £56m will rank as an unsecured debt, the scheme is due to reclaim £20m from security taken over a distribution centre and other freehold properties.
Any distributions to unsecured creditors will likely remain negligible, according to The Sunday Times.
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Under the Pension Protection Fund, members of the scheme at retirement age will get their full pension, while younger members will receive a 10% reduction to their benefits.
Last week it emerged that Wilko’s 400 stores are set to close after HMV owner Doug Putman’s offer to take on the bulk of its shops fell through.
B&M has inked a deal to buy 52 stores, while Poundland has snapped up 71 shops
The Range also bought Wilko’s brand, website and intellectual property for £5m.
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7 Comments. Leave new
What a mess! The Wilkinson family slept, whilst B&M, Home Bargains, and The Range surged forward.
Wilkinson family and board of directors should have not stolen millions of pounds from the company in the first place and we would have kept our jobs !! Should have kept paying the suppliers!!
It’s disgusting how we’re treated not getting told what’s happening until it’s mentioned in the media first!! The amount of abuse from customers is overwhelming!! My store still has no closing date!!
Your absolutely right…they are on holiday while we pack up there business..disgusting
That’s really terrible to be getting the abuse from customers too, personally I think this is why you’re better off with a private pension
I worked for wilkos for 25 years and from the day Lisa Wilkinson took over the business the only thing she had in mind was rape the company blind and shut it leaving debts to be payed. Her father must be discussed in her.
The Wilkinson family (lead by Lisa Wilkinson) took upwards of £77 million out of the business over the last decade. Isn’t it interesting to note that this is ‘just’ £1 million more than the pension scheme is now short by? I’m not suggesting it was removed from the scheme, however, it should have been going to it. I’m not buying a single one of the excuses put forwards of late by the Wilkinson family as to how this is all normal and ‘just business’. They need investigating and soon.
Directors and Wilkinson family need investigating sounds like a big fraud has happened here .