We picked up on an article on the BBC News website about Hoover’s pension scheme being moved to the Pension Protection Fund (PPF) but, it may be more interesting than that.
Basically Candy, who own the Hoover brand here is trying to offload the pension liability to the PPF which will mean most probably a reduction in pensions for Hoover workers that are a part of the scheme or at least, that’s our take on it.
The scheme is said to be running in deficit as many seem to be but with Hoover’s it’s a £250 million black hole.
Although we don’t often cover stuff like this the thing that really caught our attention was a comment by Stuart Price in the video (link below) who said;
“What’s happening is that the Candy Group that are the sponsoring employer, they’re having difficulties and what they’re saying is that they can’t carry on supporting the Hoover pension scheme”
The key phrase there being, “They’re having difficulties” which, in order to pull this off we think that Candy would likely have to demonstrate to the PPF.
Which begs the question, could Candy be the next big name to go under or get bought out?
