DWP contacts Isle of Man govt over Flybe pension scheme – Pensions Age

The Department for Work and Pensions (DWP) has begun a dialogue with the Isle of Man government about protection for Flybe pension scheme members.

The airline collapsed on 5 March, leaving the 1,350 members of its British Regional Airlines Group (BRAG) pension scheme facing an uncertain future.

Responding to a parliamentary question from Gavin Newlands, Pensions Minister, Guy Opperman, said Work and Pensions Secretary, Thérèse Coffey, had contacted the island’s government to identify how they will “work with Flybe and regulators to support pension scheme members”.

He added: “The Secretary of State has not engaged with the administrators of Flybe Limited.”

As the scheme is registered in the Isle of Man, members of the defined benefit occupational scheme are not entitled to compensation from the Pension Protection Fund.

The BRAG scheme had liabilities of £170m and an overall deficit of £11.6m as of November 2018.

It is a defined benefit occupational scheme, which is closed to new members and future accrual.

It was being administered by a corporate trustee, BRAL Trustees Limited.

Auditor EY has been placed in control as the administrator of the firm.

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Source: pensionsage.com

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