Union pressures ntl for £50m pension deficit payment
# Jan 8, 04:59 AM by Frank
BECTU, the Broadcasting Entertainment Cinematograph and Theatre Union, has its negotiatiors pressuring ntl to cough up more than a £50million pension defecit that it owes to former staff at its former Broadcast division.
Union negotiators are pressing ntl: management to put right a pension deficit of more than £50m before the company’s ownership passes to Maquarrie, to ensure that there is enough cash in the fund to guarantee that all current pension entitlements can be honoured.
Maquarrie are the new owners of the broadcasting arm formerly known as ntl:broadcast, which was ntl’s most profitable business unit for many years. ntl recently sold the broadcasting arm to Maquarrie for £1.27billion to reduce their debt after emerging from Chapter 11 in the US.
BECTU official David Beevers said, “BECTU’s objective is to get ntl to make good the schemes current deficits out of the proceeds of the sale to facilitate a seemless like-for-like transfer of funds in to the new MCIG scheme. ntl owe this to their Broadcast staff who have made the business what it is today, worth the £1.27 billion price tag to be paid by Maquarrie.”