Pension insurer begins Lehman scheme assessment
LONDON (Reuters) - The country's Pension Protection Fund will assess if Lehman Brothers' main UK pension scheme qualifies for its support, the fund said on Wednesday.
The collapse of Lehman Brothers (LEHMQ.PK: Quote, Profile, Research) last month had sparked uncertainty about future pension payments for its members and the PPF's involvement could offer a guarantee all employees will get something.
But Lehman UK pension scheme members who have not yet started drawing pensions would see their payouts capped at about 28,000 pounds under the PPF programme.
The PPF, which insures members of British defined benefit schemes, said during its assessment period it will work with Lehman trustees to make sure details of all scheme members and their benefits are complete.
The Lehman Brothers Pension Scheme has around 2,400 members, of which 180 are pensioners and 2,220 have not yet retired.
A PPF spokeswoman was not immediately able to confirm the total value of the scheme's assets.
Following the assessment, the scheme will either be taken over by the PPF, or be allowed to wind up outside by buying out benefits with an insurance company.
The PPF said it aims to complete assessments for most schemes within two years.
(Reporting by Raji Menon; Editing by David Holmes)
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