Pensions Regulator’s first notice
The Pensions Regulator has issued its first contribution notice against a European company, ordering Belgium-based weaving machine maker Michel Van De Wiele (VDW) to make good a gap in the pension scheme of a UK subsidiary it claimed had been liquidated to avoid maintaining the fund. The group tried to dodge its liability by putting the British subsidiary, Bonas, into a “pre-pack” insolvency then buying it back without the deficit-laden pension scheme, according to the regulatory panel’s description of the case. The case is the first time the regulator has used a contribution notice, which requires a specified amount of money to be paid into a pension scheme where there is an attempt to avoid liabilities. VDW is appealing the case.