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Sea Containers withdraws appeal to the Pensions Regulator

Sea Containers has withdrawn its appeal to the Pensions Regulator against a decision to issue two financial support directions on the company.

Sea Containers will now have to provide a form of financial support to two pensions schemes belonging to its subsidiary Sea Containers Services within 30 days.

In June 2007, the Pensions Regulator determinations panel decided to issue two FSDs on the company after parent company Sea Containers went into Chapter 11 administration in 2006.

The Regulator ordered Sea Containers, which owns the train company GNER, to inject at least £90m into its pension funds or face court action.

An FSD requires a connected or associated party to support a final salary pension scheme within the same corporate group.

This marks the first time that the watchdog has obtained permission to demand cash on behalf of pension trustees from a company that it fears will abandon its retirement liabilities.


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