Sea Containers withdraws appeal against Regulator's decision to issue FSDs

Resource type: Legal update: archive

Status: Published on 06-Feb-2008

Jurisdictions: England, Scotland, Wales

On 5 February 2008, the determinations panel of the Pensions Regulator issued two financial support directions (FSDs) against Sea Containers Ltd. This follows Sea Container's decision to withdraw its appeal against the Regulator's determinations to issue two FSDs against it in June 2007 (see Legal update, Pensions Regulator to issue first financial support directions).

This is the first example of the use of the Regulator's anti-avoidance powers created under the Pensions Act 2004. Sea Containers Ltd must now put in place financial support for two UK defined benefit schemes of its London-based UK subsidiary Sea Containers Services Ltd within 30 days of the FSDs being issued.

See Regulator issues Financial Support Directions on Sea Containers, Pensions Regulator, 5 February 2008.
PLC Pensions

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  • Resource ID: 5-380-6597
  • Published: 06-Feb-2008
  • Products:  PLC Law Department Email, PLC UK Pensions
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