Wilko’s defined benefit (DB) pension scheme has entered the Pension Protection Fund (PPF) assessment period following the company's fall into administration.

Jane Steer, Zelf Hussain and Edward Williams of PwC have been appointed as joint administrators of Wilkinson Hardware Stores Ltd, Wilko Ltd and Wilko.com Ltd.

The company’s DB pension scheme, which has been closed since 2013, has a £50m deficit on a buyout basis.

PwC confirmed that the DB scheme has entered the PPF assessment period after Wilko’s fall into administration.

Wilko will continue trading without immediate redundancies as discussions with interest parties continue.

However, if buyers for some or all of the group are not found, it is likely that store closures and redundancies will follow.

Commenting on the news, a PPF spokesperson stated: “We’re aware of the insolvency of Wilko today.

“We understand this must be a worrying time for the pension scheme members and we’d like to assure those members that we’re here to protect them if needed.”

A spokesperson for The Pensions Regulator commented: “We are in discussions with the employer and scheme in our role to protect members at this challenging time, but will not comment further.”

PwC partner and joint administrator, Zelf Hussain, added: “It is incredibly sad that a well loved, family business that has been on the high street for over 90 years has had to go into administration today.

“I know the management team has left no stone unturned in trying to save the business.

“As administrators we will continue to engage with parties who may be interested in acquiring all or part of the business. Stores will continue to trade as normal for the time being and staff will continue to be paid.”

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